UBS fined $100m in Libor case

American courtroom

A Japanese unit of UBS, was ordered to pay a $100m fine as part of a global resolution of allegations that it manipulated benchmark interest rates.

Bloomberg reports that UBS Securities Japan pleaded guilty in December in federal court in Hartford, Connecticut, to one count of wire fraud and agreed to pay the fine, according to court filings. U.S. District Judge Robert N. Chatigny accepted the plea agreement Wednesday, the U.S. Justice Department said in a statement.

The agreement is part of a global resolution of criminal, civil and regulatory actions brought by prosecutors against Zurich-based UBS in connection with alleged rate manipulation, according to a joint sentencing memorandum.

'This action, and the resulting sentence, prove that no individual or firm is above the law - no matter what', U.S. Attorney General Eric Holder said in the statement. 'The Department of Justice will continue to stand vigilant against corporations or individuals who threaten the integrity of our financial markets, undermine the stability of our economy, or jeopardize the well-being of our citizens'.

To access the complete Bloomberg article hit the link below

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image: © Clyde Robinson

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