NEW YORK, Dec. 19 (Xinhua) -- UBS, the largest bank in Switzerland, Tuesday agreed to pay a total of 1.5 billion U.S. dollars to U.S., British and Swiss regulators to resolve investigations of manipulating the benchmark London Interbank Offered Rate (LIBOR).
According to probes conducted by the regulators, dozens of UBS staff were engaged in efforts to manipulate the LIBOR, which is used to price trillions of dollars of funds, to benefit trading positions during the financial crisis.
Certain UBS employees also colluded with employees at other banks and cash brokers to influence benchmark rates including the LIBOR, Yen LIBOR and Euro LIBOR to benefit their trading positions from 2006 to 2009.
UBS will pay 1.2 billion dollars to U.S. Commodity Futures Trading Commission and the U.S. Department of Justice, 160 million pounds (about 260 million U.S. dollars) to UK Financial Services Authority (FSA) and 59 million Swiss Franc (about 65 million U.S. dollars) to Swiss Financial Market Supervisory Authority (FINMA).
According to the bank's statement, its Japan's unit would enter a plea to one count of wire fraud relating to the manipulation of certain benchmark interest rates, including the Yen LIBOR.
Regulators in multiple countries have launched investigations against several world-leading banks for rigging benchmark rates to gain profits during the financial currencies.
The British banking giant Barclays agreed to pay 290 million pounds (about 473 million dollars) to settle LIBOR probes in the United States and Great Britain in June.
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