DOJ, SEC, Others Probe UBS Over Rate Manipulation

Law360, New York (March 15, 2011, 1:11 PM EDT) -- U.S. and Japanese regulators have subpoenaed UBS AG amid investigations into whether the Swiss bank and others tried to manipulate interbank interest rates used as a global benchmark, the financial giant revealed Tuesday.

The U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and the Department of Justice have all subpoenaed UBS for information about its submissions to the British Bankers Association, which sets the London Interbank Offered Rate, the company said in its 2010 annual report.

UBS said that it believed the probes "focus[ed]...
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