The logo of Swiss banking giant UBS in Zurich, Switzerland.
Credit Fabrice Coffrini / AFP/Getty Images
Swiss banking giant UBS AG has agreed to pay $1.5 billion in fines to regulators in the U.S., Britain and Switzerland for its part in a scheme to manipulate the London interbank offered rate (LIBOR), which is used to set rates on contracts around the world.
RBS, the Royal Bank of Scotland, is already in a tough spot. It's among several banks being investigated for allegedly rigging the interbank lending rate known as LIBOR. As Steve Inskeep reports, Friday it warned that it faced several potential lawsuits over those allegations.