UBS to Pay Over $450 Million to Settle Libor Probe

UBS has reportedly agreed to pay $450 million to settle a probe over LIBOR manipulation.  Please recall that Barclays was reprimanded by officials at the BOE for NOT manipulating their LIBOR rates as effectively as their counterparts at Goldman Sachs and JP Morgan Chase, and yet to no surprise, not a single one of the most egregious manipulators have been charged by authorities.
Supposedly Chilton, Gensler, Shapiro, and the rest of the CFTC are still investigating… at least until the story is completely forgotten by the financial MSM.

ZURICH–UBS 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.

 

The 1 oz .999 Silver Bullet Silver Shield Trivium Medallion is available now from SDBullion at only $2.99/oz over spot, ANY QUANTITY!

 

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.

However, the discussions could spill over into next year, and should the talks break down, the authorities would file a lawsuit against UBS, it reported.

Canadian, Swiss and Asian authorities as well as the Justice Department, the Commodity Futures Trading Commission and the U.K.’sFinancial Services Authority are investigating the actions of more than a dozen banks.
Read more: