UBS Securities Japan Sentenced in Libor Case
(CN) - A Connecticut federal judge sentenced UBS Securities Japan on Wednesday after it pleaded guilty last year to manipulating the London Interbank Offered Rate.
In the December plea, the Japanese subsidiary admitted its criminal conduct and agreed to pay a $100 million fine
U.S. District Judge Robert Chatigny accepted that plea in imposing sentence.
UBS AG, the Zurich-based parent company of UBS Securities Japan, had also entered into a nonprosecution agreement with the government that required it to pay an additional $400 million penalty, to admit and accept responsibility for its misconduct, and to continue cooperating in the ongoing investigation.
The parent company had already cooperated substantially "in discovering and disclosing LIBOR misconduct within the financial institution," according to a statement from the Justice Department.
Compounded with regulatory penalties and disgorgement, total resolution comes at a cost of $1.5 billion to UBS, the Justice Department said.