UBS faces US$1 billion fine for Libor rigging - source

Swiss bank UBS faces a combined fine of around US$1 billion next week to settle charges of rigging the Libor interest rate benchmark, a person familiar with the situation said on Thursday.

“The global settlement is about US$1 billion. It’s expected early next week, on Monday or Tuesday,” the source said.

UBS declined to comment. Britain’s Financial Services Authority also declined to comment.

Such a penalty would be more than double the US$450 million penalty imposed in June on British bank Barclays by US and UK regulators.

via Business feed http://www.scmp.com/business/banking-finance/article/1104949/ubs-faces-us1-billion-fine-libor-rigging-source