UBS to Pay Over $450 Million to Settle Libor Probe

UBS are get­ting ham­mered (as they should be):

ZURICHUBS AG (UBS) is close to a set­tle­ment with U.S. and U.K. author­i­ties and is expect­ed pay more than $450 mil­lion over claims that some of its employ­ees report­ed false Libor rates to boost the bank’s prof­it, the New York Times report­ed Sun­day, cit­ing anony­mous offi­cials briefed on the mat­ter.

If the Zurich-based bank agrees to the deals with var­i­ous author­i­ties, the col­lec­tive penal­ties would yield the largest total fine to date relat­ed to the rate-rig­ging inquiry and would increase the like­li­hood that oth­er finan­cial insti­tu­tions would face stiff penal­ties, it report­ed.

UBS was­n’t imme­di­ate­ly avail­able to com­ment on the report.

Author­i­ties dealt their first blow in the rate-rig­ging case in June, when U.K. bank Bar­clays Plc (BARC.LN) agreed to a $450 mil­lion set­tle­ment.

U.S. offi­cials are hop­ing to com­plete a deal with UBS by the mid­dle of the month, accord­ing to offi­cials briefed on the mat­ter, the paper report­ed.”

see the full sto­ry:

http://www.nasdaq.com/article/ubs-to-pay-over-450-million-to-settle-libor-probe-20121203–00132

 
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