Topic: Kweku Adoboli
The Swiss bank agreed to the fine Wednesday, settling with US, British, and Swiss regulators. In the case, UBS employees tried to rig the London Interback Offered Rate, or LIBOR, using different currencies.
UBS fined for failures which allowed a rogue trader to lose $2.3 billion in the bank's biggest-ever case of fraud. UBS will be fined $47.6 million, the Financial Services Authority said Monday.
A former trader for UBS will be tried in British court for fraud and false accounting. 'Unauthorized trading' and the culture of UBS are expected to come up in trial.