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UBS near $450 million settlement with U.S., UK over Libor - report

Dec 03 2012 Reuters

Swiss bank UBS AG is expected to pay more than $450 million to U.S. and British authorities to settle claims some of its employees submitted false Libor rates, the New York Times reported. In June, British bank Barclays Plc was fined $453 million for manipulating Libor benchmark interest rates, becoming the first bank to settle in the ongoing probe, prompting the resignation of its chairman and chief executive. UBS was the first bank globally to report suspected rate rigging, and has said it has received conditional immunity from some authorities for cooperating in their probes. A UBS spokeswoman told Reuters that the bank was in the midst of discussions with authorities in the United States and Britain in connection with Libor investigations and has been cooperating fully with the regulatory and enforcement authorities, but gave no further details. Christopher Hamilton, spokesman for Britain's Financial Services Authority, declined to comment beyond confirming

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