UBS may pay $1 billion to settle rate-rigging probe, reports say
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Swiss banking giant UBS may pay more than $1 billion to settle investigations into allegations that it conspired to rig key interest rates, according to published reports.
The $1 billion in fines would more than double the $450 million British banking giant Barclays agreed to pay in June to settle charges that it manipulated key rates, including the London interbank offered rate, or Libor.
Trillions of dollars’ worth of consumer and financial products are pegged to Libor, including mortgages and swaps.
UBS’ settlement negotiations with U.S. law-enforcement and regulatory officials could end as early as next week, according to a source familiar with the matter who was not authorized to speak publicly.
The source could not confirm the $1 billion figure, reported by Bloomberg News and the Wall Street Journal.
UBS is reportedly negotiating with the U.S. Department of Justice, the Commodity Futures Trading Commission and Britain’s Financial Services Authority.
Representatives of the Justice Department and the CFTC declined to comment, and UBS did not immediately respond to a request for comment.
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