UBS Approaches Rate-Rigging Deal

Check their math. Swiss banking behemoth UBS might be close to striking a deal with authorities in Britain and the United States over a rate-fixing investigation that rattled the financial industry earlier this year. The bank may reportedly fork over as much as $450 million after allegations that its employees manipulated interest rates to increase profits for the bank. UBS’s total fines to settle rate-rigging suspicions may mark the largest total paid by any financial institution to date as a result of the scandal. Barclays agreed to a $450 million settlement in June.