UBS to pay states $68M to settle rate manipulation charges

HARTFORD, Conn. (AP) — Swiss bank UBS has agreed to pay $68 million to settle a multistate investigation into the bank’s role in manipulating an interest rate used to price everything from credit cards to mortgages.

The investigation involved attorneys general of 40 states.

It is the latest of several bank settlements of charges related to the manipulation of the London Interbank Offered Rate, better known as Libor. UBS has paid more than $1.5 billion in fines and penalties to U.S. and European authorities for its manipulation of Libor.

The states previously reached Libor-related settlements with Barclays, Deutsche Bank and CitiBank.

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Connecticut Attorney General George Jepsen said Friday the investigation will continue to hold other banks accountable.

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