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First Posted: 11/7/2013
(AP) The Royal Bank of Scotland says it has reached a settlement with the U.S. Securities and Exchange Commission over an American investigation into its mortgage-backed securities offerings.
The bank said in a statement Thursday that it had agreed to a permanent injunction and a payment of just under $154 million. The British company said the cost of the payments was covered by provisions it had already made.
The SEC complaint alleged that a statement in the prospectus for the securities offering was “materially misleading.” The bank said the terms of the settlement meant it neither admitted nor denied the allegations.
Associated Press