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RBS pays €3.6bn to settle misconduct probe

Royal Bank of Scotland has agreed to pay $4.9bn (?3.6bn) to settle a US Department of Justice (DoJ) probe into the mis-selling of mortgage-backed securities before the financial crisis.
The penalty, which was announced in principle in May, is the largest imposed by the DoJ for financial crisis-era misconduct.
"Many Americans suffered lasting economic harm as a result of the 2008 financial crisis," said acting associate attorney general Jesse Panuccio. "This settlement holds RBS accountable for serious misconduct that contributed to that financial crisis."While the DoJ has accused RBS of misleading and providing inaccurate loan data to investors, RBS "disputes and does not admit" these allegations, it said.RBS chief executive Ross McEwan said: "There is no place for the sort of unacceptable behaviour alleged by the DoJ at the bank we are building today."
With the saga behind the bank, RBS said it would pay a dividend of 2p to shareholders - its first since the near-collapse and €45.5bn bailout in 2008.
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RBS, which remains 62.4% owned by the taxpayer, is not alone in paying to settle claims of mis-selling toxic debt.HSBC, Europe's biggest bank, agreed to pay $765m earlier this month and Barclays said it would pay $2bn in March.
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