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Article updated: 12/19/2012 12:05 PM

UBS to pay $1.5B to settle interest rate case

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Swiss bank UBS announced Wednesday it will pay $ 1.53 billion in fines to resolve investigations that it helped manipulate the benchmark LIBOR interest rate.

Associated Press/December 2001

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Swiss bank UBS agreed Wednesday to pay $1.5 billion in fines for trying to manipulate a key interest rate that affects borrowers around the world. The settlement with U.S., British and Swiss regulators caps a tough year for the company and the reputation of the global banking industry. The fine on UBS is triple the amount that British bank Barclays PLC agreed to pay.
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