Switzerland UBS Penalty

December 19, 2012 - 11:33 AM
FILE - The July 14, 2011 file photo shows dark clouds above the UBS logo on the bank's head office in Zurich, Switzerland. UBS AG agreed Wednesday, Dec. 19, 2012 to pay some US$ 1.5 billion in fines to international regulators following a probe into the rigging of a key global interest rate. In admitting to fraud, Switzerland's largest bank became the second bank, after Britain's Barclays PLC, to settle over the rate-rigging scandal. The fine, which will be paid to authorities in the U.S., Britain and Switzerland, also comes just over a week after HSBC PLC agreed to pay nearly US$ 2 billion for alleged money laundering. (AP Photo/Keystone, Walter Bieri)