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The Boston Globe

Business

Royal Bank of Scotland will pay $612 million in rate-rigging case

LONDON — A campaign to root out financial fraud secured a victory Wednesday as authorities took aim at Royal Bank of Scotland for its role in an interest rate manipulation scheme that has emboldened prosecutors and consumed the banking industry.

US and British authorities struck a combined $612 million settlement with the bank, the latest case in a global investigation of rate-rigging. The Justice Department dealt another blow to the bank, forcing its Japanese unit to plead guilty to criminal wrongdoing.

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