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UBS Libor Rigging May Cost Bank $1.63 Billion Fine
http://www.huffingtonpost.com/2012/12/15/ubs-libor-rigging_n_2306432.html?utm_hp_ref=business
UBS Libor Rigging May Cost Bank $1.63 Billion Fine
Reuters | Posted: 12/15/2012 7:33 am EST | Updated: 12/15/2012 12:34 pm EST
ZURICH, Dec 14 (Reuters) - UBS faces a fine of 1.5 billion Swiss francs ($1.63 billion) to settle interest rate rigging charges, a Swiss newspaper reported on Saturday.
Citing unnamed sources, Tages-Anzeiger daily said the bank would admit 36 traders around the globe manipulated yen Libor between 2005 and 2010. A UBS spokesman declined to comment.
People familiar with the matter told Reuters on Friday UBS could reach a $1-billion-plus settlement and admit to criminal wrongdoing by its Japanese arm, where one of its traders manipulated yen Libor and euroyen contracts.
Between 25 and 30 people have left UBS over the matter, the sources said. The Swiss bank had hoped for a softer touch from regulators by cooperating in industry-wide probes and was surprised by the size of the expected settlement, they added.
