UBS, Barclays Dodge $4.3Billion EU Fines for Rate Rigging
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UBS AG, Switzerland’s biggest bank, and Britain’s Barclays Plc escaped $4.3 billion in European Union antitrust penalties, vindicating their strategy to reveal to the watchdog collusion to rig benchmark interest rates.
UBS, based in Zurich, dodged a 2.5 billion-euro ($3.4 billion) fine, while London-based Barclays avoided a 690 million-euro penalty, the European Commission said in a statement today. Six companies were fined a record 1.7 billion euros for rigging euro and yen interest rate derivatives.