Top Firm Said to Face Fines of More Than $1bn in Libor Probes

UBS may be fined more than $1bn by U.S. and U.K. regulators for trying to rig global interest rates, more than double the amount levied against Barclays, according to a person familiar with the probe.

Reuters reports that the fines from the U.S. Commodity Futures Trading Commission, the U.K. Financial Services Authority and the U.S. Department of Justice may be announced as early as next week, said the person, who asked not to be identified because the information isn’t public. The final figures are still being negotiated and could change, three people familiar with the probes said.

Global authorities are investigating claims that more than a dozen banks altered submissions used to set benchmarks such as the London interbank offered rate to profit from bets on interest-rate derivatives or make the lenders’ finances appear healthier. Barclays agreed to pay $467.9m in June to resolve the U.S. and U.K. Libor probes.

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UBS Said to Face Fines of More Than $1 Billion in Libor Probes

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