UBS disclosed earlier today in its 2011 Annual Report that the Competition Bureau has granted it conditional immunity in relation to the ongoing global LIBOR price-fixing investigation:

“The Canadian Competition Bureau has granted UBS conditional immunity in connection with potential competition law violations related to submissions for Yen LIBOR. As a result of these conditional grants, we will not be subject to prosecutions, fines or other sanctions for antitrust or competition law violations in the jurisdictions where we have conditional immunity or leniency in connection with the matters we reported to those authorities, subject to our continuing cooperation. However, the conditional leniency and conditional immunity grants we have received do not bar government agencies from asserting other claims against us. In addition, as a result of the conditional leniency agreement with the DOJ, we are eligible for a limit on liability to actual rather than treble damages were damages to be awarded in any civil antitrust action under US law based on conduct covered by the agreement and for relief from potential joint-and-several liability in connection with such civil antitrust action, subject to our satisfying the DOJ and the court presiding over the civil litigation of our cooperation. The conditional leniency and conditional immunity grants do not otherwise affect the ability of private parties to assert civil claims against us.”

In Canada, the Competition Bureau has established formal Immunity and Leniency programs, under which companies or individuals that may have been involved in cartel (e.g, price-fixing) or other criminal conduct under the Competition Act may, if all conditions are satisfied, receive full immunity from prosecution or reductions in fines for cooperating with a Bureau investigation.

The Bureau’s Immunity Program, however, is a “race”, in that only the first applicant to satisfy all of the conditions of the Bureau’s Immunity Program is eligible for full immunity.  The Bureau’s Programs do not, however, insulate companies or individuals from follow-on private civil actions.

For more about the Bureau’s Immunity and Leniency Programs see:

Immunity and Leniency

For UBS’ complete 2011 annual report see:

UBS 2011 Annual Report


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