UBS TO BE HIT WITH 1 BILLION DOLLAR A DAY FINE FOR LIBOR

UBS AG (UBSN.VX) is expected to be hit with a $1 billion-plus fine to settle charges of rigging Libor interest rates this week, making it the second bank to be brought to book for its role in the global scandal.

The fine, to be imposed by regulators in Britain and the United States, would be the latest blow for the Swiss bank that suffered a rogue trading scandal last year, paid a $780 million fine to settle a U.S. tax investigation in 2009 and nearly collapsed in 2008 under the weight of huge subprime losses.

Sources familiar with the matter have told Reuters the fine will be $1 billion or more,