U.S., U.K. Regulators Eye Massive Fines for UBS (UBS) in Key Rate Probe
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UBS AG (NYSE: UBS) is lower on the session Thursday following headlines that the Swiss bank might be facing millions upon millions of fresh fines.
Make that billions.
According to reports out today, the U.S. Commodity Futures Trading Commission (CFTC), the U.K. Financial Services Authority (FSA), and the U.S. Department of Justice (DOJ) may announced fines as much at $1 billion for the role UBS played in manipulating key lending rates, such as the London interbank offered rate (LIBOR). The amount would be double that levied on Barclays (NYSE: BCS) over the summer.
No comments from authorities were made today.
UBS us down 0.3 percent.
Make that billions.
According to reports out today, the U.S. Commodity Futures Trading Commission (CFTC), the U.K. Financial Services Authority (FSA), and the U.S. Department of Justice (DOJ) may announced fines as much at $1 billion for the role UBS played in manipulating key lending rates, such as the London interbank offered rate (LIBOR). The amount would be double that levied on Barclays (NYSE: BCS) over the summer.
No comments from authorities were made today.
UBS us down 0.3 percent.
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