Les Jacobowitz Comments on Potential UBS Rate Rigging Deal
Finance partner Les Jacobowitz was quoted in an article by The National Law Journal after reports surfaced that UBS AG is closing in on a deal with authorities investigating the company’s alleged manipulation of global interest rates.
NLJ reported that the potential settlement could “be good news for private plaintiffs already pursuing litigation against UBS and other institutions” and that under terms of the deal “the Swiss bank would pay approximately $1 billion in fines and sanctions, and a Japanese subsidiary would plead guilty to a criminal charge.”
Mr. Jacobowitz pointed out that criminal sanctions could open the door to new litigation from UBS’ borrowers. He added that given the public exposure UBS is now facing, institutions under investigation might be more open to settlements in order to avoid bad press.