Swiss bank UBS AG (NYSE:UBS), one of more than a dozen banks under scrutiny for rigging Libor rates, is said to be nearing a settlement with U.S. and British authorities. UBS was the first bank involved to report the Libor manipulation, but Barclays PLC (NYSE:BCS) was the first bank to reach a settlement, which came to $453 million in June this year. The settlement for UBS looks to be nearly equal to that of Barclays.
A number of other banks around the world are included in the scandal and investigations, among them: Bank of America Corp. (NYSE:BAC), Bank of Tokyo Mitsubishi UFJ, Credit Suisse Group AG (NYSE:CS), Lloyds Banking Group (NYSE:LYG), Rebobank Groep NV, Royal Bank of Canada, Société Générale, Norinchukin Bank, and West LB AG. Some of these banks are eager to reach settlements as well.
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Estimates from Morgan Stanley show a potential $14 billion in fees for 11 involved banks.
In addition to the U.S. and Britain, Sweden is also conducting its own investigation into the Libor rigging.