The fine UBS will pay to settle claims it manipulated Libor, a key benchmark interest rate, could top $1bn, people familiar with the investigation have told the Financial Times.
A fine in excess of $1bn would be more than double the record penalty paid by Barclays, which settled a Libor investigation in June by paying $450m.
UBS also won partial immunity from regulators by coming forward with information. The Swiss bank was one of the first to launch an internal investigation into the matter after authorities requested information in 2009.
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