UBS agrees to $1.5 billion settlement in interest rate probe

12/19/2012 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

Geneva – Swiss global financial services company UBS AG has agreed to a $1.5 billion settlement in a case involving alleged interest rate fraud. As reported by the Associated Press (AP), the banking giant, which had been under investigation for purportedly manipulating the benchmark London interbank offered rate (LIBOR) stated Wednesday that it would pay the settlement to authorities in the U.S., Switzerland, and Britain, admitting to fraud.

Recently appointed CEO of UBS AG, Sergio Ermotti, is quoted by the AP as stating of the scandal. “We deeply regret this inappropriate and unethical behavior. No amount of profit is more important than the reputation of the firm, and we are committed to doing business with integrity.”

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