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UBS distances itself from Libor guilty ruling for former trader

Monday, August 3, 2015 - 22:31
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Swiss bank UBS on Monday distanced itself from its former trader Tom Hayes, who was found guilty of conspiracy to defraud in the first trial of a defendant accused of Libor interest rate rigging.

[ZURICH] Swiss bank UBS on Monday distanced itself from its former trader Tom Hayes, who was found guilty of conspiracy to defraud in the first trial of a defendant accused of Libor interest rate rigging.

"UBS was not a party to this case," the Zurich-based bank said in an emailed statement.

"It was a matter between the SFO (Britain's Serious Fraud Office) and Mr Hayes and UBS has no comment. The bank has resolved this legacy matter with most authorities and is committed to reducing operational risks and upholding a culture of doing the right thing."

REUTERS