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US hits RBS with US$500m penalty for deceptive investments

Settlement includes US$400m worth of consumer relief as a result of the sale of mortgage-backed securities

New York

US authorities on Tuesday hit the Royal Bank of Scotland (RBS) with a US$500 million penalty for "deceptive practices" in mortgage investments that it sold in the run-up to the global financial crisis.

The penalty follows US$5.5 billion which the bank, once the largest in...

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