UBS is penalized $1.5B for manipulating Libor

UBS has admitted engaging in fraud by manipulating the London Interbank Offered Rate and will pay fines totaling $1.5 billion to authorities in the U.S., the U.K. and Switzerland. The Swiss bank's board of directors says UBS attempted to manipulate Libor for several currencies. Meanwhile, a Japanese unit pleaded guilty to wire fraud in a settlement with the U.S. Justice Department.

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