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Royal Bank of Scotland Pays $4.9B for Crisis-era Misconduct

Royal Bank of Scotland will pay $4.9 billion to settle U.S. claims that it misled investors on residential mortgage-backed securities between 2005 and 2008, the U.S. Justice Department said Tuesday. The Justice Department said the penalty was the largest ever imposed on a bank for misconduct leading up to the financial crisis. The bank announced in May that it had reached the settlement in principle. The government alleges RBS misled investors in underwriting and issuing residential...

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