UBS Mea Culpa May Give Libor Antitrust Plaintiffs Upper Hand
Law360, New York (December 19, 2012, 6:28 PM EST) -- By admitting to fixing the London Interbank Offered Rate on Wednesday as part of a $1.5 billion settlement, UBS AG might have backed itself into a corner in civil antitrust litigation and handed plaintiffs a trump card that could force the bank to cough up another hefty sum.
UBS agreed to pay the $1.5 billion fine to settle claims its traders routinely encouraged bank employees to make false submissions to a Libor rate-setting group, thereby helping UBS' trading positions. Most of the rate-rigging involved yen-denominated Libor, prosecutors said, prompting a rare guilty plea Wednesday by UBS' Japanese subsidiary along with criminal...
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