UBSis in global talks to reach a settlement of more than $450m over the alleged manipulation of Libor, putting the Swiss bank on track for a record fine in the wide-reaching rate-rigging scandal.
Switzerland’s largest bank by assets has started settlement talks in the past 10 days and is hoping to reach agreement with authorities in its home country, the UK and US before the end of the year, said two people familiar with the discussions.
These people added that the proposed fine would be more than $450m, the amount paid by Barclays in the summer in the first settlement by a global bank over Libor.
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