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Banks fined $2.3bn over rate rigging

5 December 2013 Last updated at 03:56 GMT

Some of the world's best known banks have been found guilty of colluding to rig two global interest rate benchmarks.

Six lenders, including Germany's Deutsche Bank and France's Societe Generale, will have to pay a total of $2.3bn (£1.4bn).

Two other banks, Barclays and UBS, were given immunity for having revealed the problem.

Cartels fixed prices for products based on the Japanese yen and the euro.

The BBC's Andrew Walker reports.

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