Swiss bank agrees to pay huge fine

Swiss bank agrees to pay huge fine

POSTED: Wednesday, December 19, 2012 - 11:00am

UPDATED: Wednesday, December 19, 2012 - 11:04am

UBS has agreed to pay a $1.5 billion fine for rigging an international bank interest rate. The Swiss bank was hit with the massive fine for paying bribes to brokers and for manipulating the global Libor rate.

The fine will be imposed by the United States and Britain and is the latest blow to the Swiss bank after a $2.3 billion rogue trading loss in London last year. It's the second largest fine ever handed down on a bank.

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