UBS Reportedly Faces $1B In Fines Over Libor Manipulation

Law360, New York (December 13, 2012, 5:44 PM EST) -- UBS AG is likely to pay more than $1 billion to U.S. and U.K. agencies to settle allegations that the Swiss bank manipulated the London Interbank Offered Rate, a benchmark interest rate, according to news reports Thursday.

The bank is close to a deal with the U.S. Department of Justice, the U.S. Commodity Futures Trading Commission, the U.K. Financial Services Authority and Swiss regulators that will cost UBS more than $1 billion, according to a report by the Wall Street Journal.

If finalized, the settlement would...
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