UBS said to be nearing major settlement in Libor probe
Another major bank is reportedly nearing a huge payout to settle government investigations into rigging of key interest rates.
Swiss banking giant UBS is set to fork over more than $450 million to settle claims it manipulated the London Inter-bank Offered Rate, or Libor, according to the Wall Street Journal.
The British bank Barclays agreed to pay $453 million to American and British authorities to settle similar charges earlier this year. The fallout included a major shakeup that saw the departures of the bank’s chairman and chief executive.
Libor is a key benchmark rate used by the global financial industry to price trillions of dollars worth of consumer loans, such as mortgages, and other products, such as derivatives.
In its third-quarter financial report, UBS noted a number of investigations by different regulators around the world into Libor-rigging. The bank said it had reached “conditional leniency agreements” with some agencies, including the U.S. Department of Justice.
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