Libor Scandal to Cost UBS $1.6B: Report

That's 3 times Barclays' penalty
By Matt Cantor,  Newser User
Posted Dec 17, 2012 9:40 AM CST
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)

(Newser) – 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 more UBS stories.)

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