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Switzerland's UBS to Settle Rate-Rigging Scandal
Originally published on Thu December 20, 2012 5:44 am
STEVE INSKEEP, HOST:
NPR's business news begins with a global bank settlement.
It's the big Swiss bank, UBS. It announced this morning that it will pay a total of $1.5 billion in fines for its role in rigging the interbank lending rate known as LIBOR. The settlement will be paid to Swiss, British and American regulators.
Now, a branch of UBS in Japan is also pleading guilty to a charge of wire fraud as part of this investigation. It's the first time a big name bank has agreed to criminal charges in years. Transcript provided by NPR, Copyright National Public Radio.