Business

UBS to pay $1.5 billion over rate-rigging scandal

By John Heilprin
Published December 19, 2012 5:55pm ET
Add Washington Examiner on Google
UBS to pay $1.5 billion over rate-rigging scandal
FILE - The logo of Swiss bank UBS is seen in Zurich, Switzerland, in this Dec. 18, 2001 picture. UBS reported a first quarter net profit of 2.42 billion Francs ($1.89 billion) in this May 4, 2004 file photo. Swiss bank UBS announced Wednesday Dec. 19, 2012 to pay 1.4 billion Swiss francs (US$ 1.53 billion) in fines to resolve investigations that it helped manipulate the benchmark LIBOR interest rate. (AP Photo/Keystone, Steffen Schmidt, File) | STEFFEN SCHMIDT

GENEVA (AP) — Swiss bank UBS agreed Wednesday to pay $1.5 billion in fines for trying to manipulate a key interest rate that affects borrowers around the world.

The settlement with U.S., British and Swiss regulators caps a tough year for the company and the reputation of the global banking industry. The fine on UBS, which will also see two former traders charged with conspiracy, is triple the amount that British bank Barclays PLC agreed to pay in June to settle similar charges.

Already a print subscriber? Click here to login/register your account

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.