Daily News: December 17, 2012

UBS Said to Face $1.6 Billion LIBOR Penalty

Bloomberg reported, according to a person familiar with the probes, that UBS AG is set to pay as much as $1.6 billion to settle claims of LIBOR manipulation by the U.S. Justice Department, the Commodity Futures Trading Commission, the U.K. Financial Services Authority and the Swiss Financial Market Supervisory Authority.

Bloomberg noted that the $1.6 billion figure would be more than three times the $469 million that Barclays agreed to pay last June to settle allegations that its employees conspired to manipulate the LIBOR rate.

To read the Bloomberg story, click here.