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Libor-rigging: two ex-UBS staff face criminal charges

Libor-rigging: two ex-UBS staff face criminal charges

The first criminal charges in the Libor scandal were brought on Wednesday just hours after the Swiss bank UBS was fined £940m by global regulators for manipulating the key rate and making corrupt payments to brokers.

The US authorities are to begin extradition proceedings against two former UBS employees after regulators found the Swiss bank had been involved in "extensive and widespread" attempts to manipulate key benchmark interest rates.

The £160m portion of the fine levied by the Financial Services Authority is the largest ever imposed by the City regulator, surpassing the £59.5m imposed on Barclays in June for attempted manipulation of the Libor and Euribor rates.

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