UBS fined $1.5bn over Libor manipulation
Becomes second bank to be hit by fine.
UBS is to pay a fine of $1.5 bn to regulators in a global settlement over Libor manipulation.
The company will split the payment between The US department of Justice and Commodity Futures Trading Commission, the UK’s Financial Services Authority, and Finma, the Swiss regulator.
UBS was the first bank known to be under investigation for manipulating Libor rates, and is now the second major bank to be fined over the scandal, after Barclays.
Here's the BBC:
The fine is the latest blow for UBS, following the conviction of rogue trader Kweku Adoboli earlier this year for losing £1.4bn for the bank, a £500m settlement with US authorities for helping US citizens evade taxes.
UBS also suffered the worst losses of any bank from US sub-prime mortgages during the financial crisis, totalling 38bn, and necessitating a bailout from the Swiss authorities.