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UBS fined £940m for rate-rigging

Swiss bank UBS has agreed to pay £940 million in penalties over fixing the Libor interbank lending interest rate. The penalty was agreed with US, UK and Swiss regulators. It is to pay a record £160 million fine to the Financial Services Authority.

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US to seek extradition of two former UBS traders

The US will seek the extradition of two former senior UBS traders who face criminal charges as part of a probe into Libor rate-fixing, a top official has said.

"We're going to seek their extradition and our investigation continues," Lanny Breuer, assistant attorney general for the criminal division at the US Justice Department said.

The criminal complaints are against former traders Tom Hayes and Roger Darin.

We believe that one of them is in England. The other one is in Switzerland.

Mr Hayes obviously was a very, very major trader, and we're going to continue to move forward.

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