Libor Scandal to Cost UBS $1.6B: Report

That's 3 times Barclays' penalty

By Matt Cantor

Posted Dec 17, 2012 9:40 AM CST

Copied

Libor Scandal to Cost UBS $1.6B: Report — In this March 12, 2008 file photo, dark clouds hang above the logo of UBS in Zurich, Switzerland. (AP Photo/Keystone, Alessandro Della Bella, File)

UBS will pay $1.6 billion to settle with US and European officials in the Libor rate-fixing scandal, an insider tells Bloomberg—a penalty more than three times the size of what Barclays ponied up. Meanwhile, US officials are set to charge bankers in the manipulation of Tokyo interbank lending rates, according to another Bloomberg source. The Japanese arm of UBS is poised to plead guilty to rate-fixing since 2007. Last week saw three UK arrests in the scandal.

Read These Next

New York Times digs into the 'dreaded irony' of Generation X.
Marjorie Taylor Greene keeps up criticism of Trump on 60 Minutes.
A kidney recipient died of rabies from the infected donor.
After Quentin Tarantino blasts actors, one responds.

Report an error