Switzerland's UBS To Settle Rate-Rigging Scandal

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UBS has agreed to pay some $1.5 billion in fines to international regulators following a probe into the rigging of a key global interest rate. UBS became the second bank, after Britain's Barclays PLC, to settle over the 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.

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