UBS Hit With $1.5B Fine After Admitting Role In Libor Scandal

Law360, New York (December 19, 2012, 11:53 AM ET) -- UBS AG agreed on Wednesday to pay $1.5 billion to U.S., U.K. and Swiss authorities to settle allegations that it was involved in rigging the London Interbank Offered Rate, while a unit of the Swiss bank also agreed to a rare guilty plea over the bid-rigging scandal.

UBS Securities Japan Co. Ltd. will plead guilty to one count of wire fraud related to rigging of the scandal-ridden benchmark interest rate as part of the deal with the U.S. Department of Justice, the first time in more...
To view the full article, register now.