Dec. 19 (Bloomberg) -- U.S. Assistant Attorney General Lanny Breuer speaks at a news conference on the settlement reached with UBS on Libor manipulation.
'To maximize profits and to hide its weakness during the crisis.'
ZURICH Dec 19 (Reuters) - Swiss bank UBS agreed to a $1.5 billion fine on Wednesday after admitting to fraud and bribery in a deepening scandal over the rigging of global benchmark interest rates.
Dozens of UBS staff manipulated the Libor rate, which is used to price trillions of dollars worth of loans across three continents, in collusion with brokers and traders at other banks, according to an international investigation.
U.S. prosecutors also lodged criminal charges on Wednesday against two former UBS senior traders for the Libor manipulation, the first individuals to be charged in the wide-ranging investigation that involves more than a dozen big banks.