US department of justice prosecutes UBS for LIBOR manipulation


The U.S. Department of Justice has, for the first time ever, voided a non-prosecution agreement in order to prosecute UBS. The Swiss bank has been ordered to pay a fine of $203 million as a result of their role in the rigging of LIBOR, but will avoid fines for forex manipulation due to co-operating with authorities. UBS will now have to apply for waivers in order to continue their US operations.

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