UBS admitted to rigging the Libor rate and was already fined back in 2012.
Keystone
The leading Swiss bank UBS has agreed to pay an additional $68 million (CHF67.3 million) to settle an investigation into the bank's role in manipulating an interest rate in the United States.
This content was published on
1 minute
swissinfo.ch with AP and Keystone-SDA-ATS/ug
Justice officials said the bank made millions in unjust gains from fraudulent conduct while government entities investing with the bank were left in the dark.
It is the latest of several bank settlements of charges related to the manipulation of the London Interbank Offered Rate, better known as Libor.
UBS has paid more than $1.5 billion in fines and penalties to US and European authorities for its manipulation of the Libor.
The investigation involved attorneys general of 40 US states. They previously reached Libor-related settlements with the British multinational investment bank, Barclays, as well as Deutsche Bank and CitiBank, collecting nearly $500 million.
Libor is set every day and is a widely quoted interest rate used to price a myriad of financial instruments. The interest rates on credit cards and mortgages typically use Libor as a benchmark.
“Our multistate investigation will continue in order to hold accountable those other banks which harmed consumers in Connecticut and across the country,” Connecticut Attorney General George Jepsen is quoted as saying.
The plot by multiple banks came to light in 2012 shaking trust in the global financial system, according to experts. It is considered on the biggest scams in the history of the markets.
More
More
UBS pleads guilty in Libor case and is set to pay fines
This content was published on
The penalty breaks down into a $342 million payment for the Swiss bank to the Federal Reserve for foreign exchange misconduct. $203 million in fines is due to UBS’s forex activities breaching a previous deal made with the US over the rigging of the London interbank offered rate, Libor. This agreement was dependent on the…
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Man charged with flying drone at women’s Euro 2025
This content was published on
A man flew a drone around the venue on Wednesday evening during the first match of the Women's EURO 2025 in St. Gallen. The 30-year-old violated the absolute ban on flying during match days. He was reported to the police.
More than 250 Swiss companies sign CO2 reduction initiative
This content was published on
A total of 257 companies from Switzerland have signed up to the Science Based Targets Initiative (SBTi). In doing so, they are committing to CO2 reduction targets that are compatible with the Paris Climate Agreement.
Swiss accident prevention group sees federal targets at risk
This content was published on
The Swiss government's target for accident figures is at risk, reckons Mario Cavegn, member of the executive board of the Swiss Council for Accident Prevention.
Feminicide: Swiss justice minister calls for electronic monitoring
This content was published on
Swiss Justice Minister Beat Jans has called for electronic monitoring and an ankle bracelet warning system for perpetrators of violence against women.
This content was published on
American artist Chaka Khan ‘and friends’ opened the 59th Montreux Jazz Festival on Friday. For over three hours, their show, dedicated to their friend and mentor Quincy Jones, thrilled the audience,
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Trader guilty of Libor rate rigging
This content was published on
Hayes, who was employed at UBS in Tokyo, before taking a job briefly at Citigroup, was convicted by Britain’s Serious Fraud Office (SFO) on eight counts of conspiracy for manipulating the rate. A judge sentenced him to 14 years in jail. During the trial, Hayes was portrayed as the ringleader of an international team of…
Financial regulator to inform those on ‘watch list’
This content was published on
The existence of the FINMA watch list was revealed during a Federal Court hearing concerning a former executive of the Swiss bank UBS. Suspecting that he could be on the list after UBS was fined for manipulating Libor benchmark interest rates in 2012, the former executive went through the courts to gain access to his…
This content was published on
According to the announcement on Wednesday, different investigations found that the following banks took part: Credit Suisse, UBS, Deutsche Bank, US financial institutions Citigroup and JPMorgan, British banks Barclays and the Royal Bank of Scotlan, and the French Société Générale. The total fines add up to CHF99 million ($96 million). The investigation began in 2012,…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.