UBS to Pay $1.5 Billion Over LIBOR Scandal
GENEVA — Switzerland‘s UBS AG agreed Wednesday to pay some $1.5 billion in fines to international regulators following a probe into the rigging of a key global interest rate. In admitting to fraud, Switzerland’s largest bank became the second bank, after Britain’s Barclays PLC, to settle over the rate-rigging scandal. The fine, which will be paid to authorities in the U.S., Britain and Switzerland, also comes just over a week after HSBC PLC agreed to pay nearly $2 billion for alleged money laundering. The settlement caps a tough year for UBS and the reputation of the global banking industry. As well as being ensnared in the industry-wide investigation into alleged manipulations of the benchmark LIBOR interest rate, short for London interbank offered rate, UBS has seen its reputation suffer in a London trial into a multibillion dollar trading scandal and ongoing tax evasion probes. As a result of the fines, litigation, unwinding of real estate investments, restructuring and other ...
Thomson Reuters says has Libor all-clear, sees new role
LONDON - Thomson Reuters said on Thursday it wanted to play a role administrating overhauled interbank lending rates after British regulators told the news and information company it was not part of a global probe into rate fixing.
Found more than 1 month ago on channel Reuters