RBS agrees to pay $44m to settle trader probe

RBS building

A unit of Royal Bank of Scotland has agreed to pay more than $44 million and enter a non-prosecution agreement to settle a U.S. criminal probe into traders accused of defrauding customers on bond prices.

Reuters reports that the settlement, with RBS Securities Inc, was announced on Thursday by U.S. Attorney Deirdre Daly in Connecticut.

RBS will pay a $35 million fine, plus at least $9.09 million of restitution to more than 30 customers including Pacific Investment Management Co, Soros Fund Management, and affiliates of Barclays, Citigroup, Goldman Sachs and Morgan Stanley.

The bank cooperated with the probe, and the criminal probe into individuals associated with its trading will continue.

Hit the link below to access the complete Reuters article:

RBS to pay $44 million to settle U.S. claims it defrauded customers

Deutsche Bank revenue drops amid weak markets and restructuring

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts