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Friday 18 August 2017

UBS $1.5bn fraud fine

SWISS banking giant UBS paid out $1.5bn in a landmark agreement after admitting fraud in a case of the rigging of global benchmark interest rates.

The total will be paid to US, British and Swiss authorities and brings an end to a tough year for Switzerland's biggest bank.

The bank also said that some of its employees had "colluded with employees at other banks and cash brokers to influence certain benchmark rates to benefit their trading positions" or had given "inappropriate directions to UBS submitters that were in part motivated by a desire to avoid unfair and negative market and media perceptions during the financial crisis".

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