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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.

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