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Stock Market & Financial Investment News

News Breaks
December 19, 2012
11:17 EDTUBSDOJ files charges against UBS Securities Japan for LIBOR manipulation
The Justice Department is filing a criminal information charging UBS Securities Japan – a subsidiary of the multinational financial institution UBS – with felony wire fraud for engaging in a scheme to manipulate the London Interbank Offered Rate, or LIBOR – a key benchmark for financial products and transactions around the world. The company has agreed to plead guilty to this charge, to admit to its criminal conduct, and to pay a $100M fine. UBS AG – the parent company of UBS Japan – has agreed to pay a penalty of $400M to the U.S government; to admit and accept responsibility for its misconduct; and to continue cooperating with the Department’s ongoing investigation as part of a non-prosecution agreement. Combined with roughly $1 billion in regulatory penalties and disgorgement, these criminal fines and penalties bring today’s total resolution to approximately $1.5B. The non-prosecution agreement illustrates the significant steps that UBS has taken to help investigators uncover LIBOR misconduct, and to implement remedial measures strengthening the company’s internal controls. Reference Link
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