A PYMNTS Company

Global: Authorities secure $1.5B fine for UBS

By  |  December 19, 2012
Global: Authorities secure $1.5B fine for UBS

UBS, Switzerland’s largest bank, has reportedly reached a settlement to pay a $1.5 billion fine for its LIBOR rate manipulation to authorities around the globe. The fine, previously speculated to reach up to $1 billion, is a sign that authorities are cracking down on financial injustice, according to analysts. In addition to the fine, charges have been made by the U.S. Justice Department against two former UBS traders; the Department has also reportedly secured a guilty plea from UBS’s Japanese subsidiary to felony wire fraud. According to the report, much of UBS’s wrongdoing occurred within that Japanese subsidiary.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Deal Book

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.