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UBS AG To Pay CHF1.4 Billion To Settle Libor Investigations-DJ


Wednesday, 19 Dec 2012 01:01am EST 

Dow Jones reported that UBS AG became the second bank to settle accusations that it tried to rig benchmark interest rates, agreeing to pay roughly $1.5 billion in a deal with authorities in multiple countries. The Swiss bank, along with Switzerland's main financial regulator, announced the agreement early Wednesday morning. As part of the deal, UBS said that some of its employees attempted to manipulate the London interbank offered rate, or Libor, as well as other benchmark rates, which together serve as the basis for interest rates on hundreds of trillions of dollars of financial contracts around the world. UBS's unit in Japan, where much of the attempted manipulation took place, pleaded guilty to one count of fraud relating to manipulation of benchmark rates including the yen Libor. 

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