© 2024 KVNF Public Radio
THE ROAD THAT GOT US HERE...
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Switzerland's UBS To Settle Rate-Rigging Scandal

STEVE INSKEEP, HOST:

NPR's business news begins with a global bank settlement.

It's the big Swiss bank, UBS. It announced this morning that it will pay a total of $1.5 billion in fines for its role in rigging the interbank lending rate known as LIBOR. The settlement will be paid to Swiss, British and American regulators.

Now, a branch of UBS in Japan is also pleading guilty to a charge of wire fraud as part of this investigation. It's the first time a big name bank has agreed to criminal charges in years. Transcript provided by NPR, Copyright NPR.