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Switzerland: UBS earns LIBOR immunity with EU

 |  November 22, 2013

Swiss bank UBS has reportedly avoided a fine regarding the European Commission’s investigation into LIBOR manipulation, according to unnamed sources.

Reports say the bank reached an immunity deal with authorities preventing the bank from receiving further fines for the manipulation of LIBOR benchmark rates, an investigation that involved several nations and the world’s largest banks, totaling $3.7 billion in fines from the US, UK and other regulators.

The banks allegedly involved in the scheme include Royal Bank of Scotland, Barclays, Rabobank and UBS.

Full Content: Reuters

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