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Wed Dec 19, 2012, 08:55 AM

 

UBS to pay $1.5 billion over rate-rigging scandal

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Source: Chicago Tribune

Switzerland's UBS AG agreed Wednesday to pay some $1.5 billion in fines to international regulators following a probe into the rigging of a key global interest rate.

In admitting to fraud, Switzerland's largest bank became the second bank, after Britain's Barclays PLC, to settle over the rate-rigging scandal. The fine, which will be paid to authorities in the U.S., Britain and Switzerland, also comes just over a week after HSBC PLC agreed to pay nearly $2 billion for alleged money laundering.

The settlement caps a tough year for UBS and the reputation of the global banking industry. As well as being ensnared in the industry-wide investigation into alleged manipulations of the benchmark LIBOR interest rate, short for London interbank offered rate, UBS has seen its reputation suffer in a London trial into a multibillion dollar trading scandal and ongoing tax evasion probes.

Read more: http://www.chicagotribune.com/business/breaking/chi-ubs-to-pay-15-billion-over-raterigging-scandal-20121219,0,3047363.story



Fraud - caught again!

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Reply UBS to pay $1.5 billion over rate-rigging scandal (Original post)
banned from Kos Dec 2012 OP
dipsydoodle Dec 2012 #1
Lasher Dec 2012 #2

Response to banned from Kos (Original post)

Wed Dec 19, 2012, 09:07 AM

1. Duplicate LBN from 7 hours ago

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Response to banned from Kos (Original post)

Wed Dec 19, 2012, 01:32 PM

2. Locking...

This was covered earlier in LBN, as noted upthread by dipsydoodle.

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