UBS faces $1.6 billion fine over Libor manipulation
December 16 , 2012
UBS AG could pay as much as $1.6 billion in fines to settle investigations of interest rate manipulation with the Justice Department, the U.S. Commodity Futures Trading Commission, the UK’s Financial Services Authority and the Swiss Financial Market Supervisory Authority.
According to a person familiar with the matter, the accord may be announced as early as December 18.
In June, British bank Barclays was fined $450 million for trying to manipulate the setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).
The interest rates are two of the most important in the global financial markets and affect the value of trillions of dollars of financial deals between banks and other institutions.