UBS hit with Libor scandal fines worth $1.5 bn
- Published: 19 Dec 2012 at 13.46
- Online news: World
Three national regulators slapped the equivalent of $1.5 billion in fines on Swiss banking giant UBS on Wednesday, the second-largest banking fine ever, for manipulating interest rates in a deepening scandal that threatens more than a dozen other banks.
US Attorney General Eric Holder announced charges against to former UBS traders on December 19, 2012. Three national regulators slapped the equivalent of $1.5 billion in fines on the Swiss banking giant, the second-largest banking fine ever, for manipulating interest rates in a deepening scandal that threatens more than a dozen other banks.
The investigations by Swiss, British and US regulators revealed evidence of massive misconduct in the setting of the Libor rate, a global reference that affects products from student loans to mortgages.
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