UBS agrees to pay $1.5b settlement for Libor rigging

Swiss bank UBS is set to pay a fine of $1.5b becoming the second bank after Barclays to be charged with misconduct in connection with the London Interbank Offered Rate or Libor. Libor is the rate at which banks lend to each other. It is used to price more than three hundred and fifty trillion dollars in contracts around the world. Potential losers include pension funds, insurance companies and individuals. More than a dozen banks have been caught up in the international inquiry, and there are more cases to come. Al Jazeera's Tim Friend reports from Central London.