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UBS fined $1.5bn for Libor rigging

19 December 2012 Last updated at 22:29 GMT

Swiss banking giant UBS has agreed to pay $1.5bn (£940m) to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate.

It becomes the second major bank to be fined over Libor after Barclays was ordered to pay $450m to UK and US authorities in the summer.

Regulators worldwide are investigating a number of banks for rigging Libor.

Robert Peston reports.