UBS AG (UBSN) will pay $700 million in fines to the U.S. Commodity Futures Trading Commission as part of $1.5 billion settlement for rigging global interest rates, according to Bart Chilton, a Democratic commissioner.
The fine outlined by Chilton in a statement today is the largest in CFTC history and follows the Washington-based agency’s $200 million penalty on Barclays Plc for attempted manipulation of the London interbank offered rate.
“The UBS settlement is serious and significant and will provide a definite deterrent,” Bart Chilton, one of three Democrats on the CFTC, said in a statement. UBS continued wrongdoing even after investigations began and had a “corrupt culture,” Chilton said.
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