UBS agrees to pay $68M in multistate settlement over Libor manipulation claims
Declan Harty, 21 December 2018
UBS AG agreed to pay $68 million as part of settlement with 39 U.S. states and the District of Columbia related to the Swiss banking giant’s alleged manipulation of the London interbank offered rate.
Led by New York Attorney General Barbara Underwood, the UBS settlement is the latest in a string of agreements state regulators have recently reached with banks that were allegedly altering Libor submissions for their own benefit leading up to and around the financial crisis of 2008.
UBS was accused of misrepresenting its U.S. dollar-tied Libor submissions to protect its reputation, according to a press release from Underwood’s office. The 40 attorneys general who were part of the settlement also claimed UBS manipulated Yen Libor submissions to favor its derivative trading positions. Continue reading “Article: UBS agrees to pay $68M in multistate settlement over Libor manipulation claims”
