UBS to admit to criminal wrongdoing by Japanese arm in Libor Manipulation

UBS will admit to criminal wrongdoing by its Japanese arm as a result of its traders manipulation of yen Libor and euroyen contracts in order to secure a $1 billion settlement with regulators. The interest rate rigging charges and settlement would make it the second major bank after Britain’s Barclays to be sanctioned for its role in the global scandal. Libor is the interest rate used as a benchmark for pricing trillions of dollars worth of financial instruments and contracts around the globe. Small shifts in the rate benefit dealers in complex products. Jeffrey Newman represents whistleblowers