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Violation Tracker Individual Record

Company: UBS Securities Japan Co. Ltd.
Current Parent Company: UBS
Penalty: $500,000,000
Year: 2012
Date: December 19, 2012
Offense Group: competition-related offenses
Primary Offense: price-fixing or anti-competitive practices
Secondary Offense: interest rate benchmark manipulation
Mega-Scandal: Benchmark Manipulation
Violation Description: UBS Securities Japan Co. Ltd. (UBS Japan), an investment bank, financial advisory securities firm and wholly-owned subsidiary of UBS AG, agreed to plead guilty to felony wire fraud and admit its role in manipulating the London Interbank Offered Rate (LIBOR), a leading benchmark used in financial products and transactions around the world. UBS Japan has signed a plea agreement with the government admitting its criminal conduct, and has agreed to pay a $100 million fine. In addition, UBS AG, the parent company of UBS Japan headquartered in Zurich, has entered into a non-prosecution agreement (NPA) with the government requiring UBS AG to pay an additional $400 million penalty, to admit and accept responsibility for its misconduct as set forth in an extensive statement of facts and to continue cooperating with the Justice Department in its ongoing investigation.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Antitrust Division
Civil or Criminal Case: criminal
HQ Country of Current Parent: Switzerland
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.