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UBS pays $1.5bn to settle Libor rigging

Reuters

Zurich - UBS said it will pay 1.4 billion Swiss francs ($1.53bn) and admit wrongdoing at its Japanese arm to settle a wide-ranging, multi-regulator probe into how the Swiss bank's traders manipulated yen Libor and euroyen contracts.

The Swiss bank's fine is second-largest ever levied against a bank, after Britain's HSBC last week agreed to pay $1.92bn to settle a probe in the United States into laundering money for drug cartels.

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