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Leading up to the 2008 global financial crisis, executives in The Royal Bank of Scotland Group made a number of risky moves and failed to disclose them to investors, including U.S. mortgage lenders Fannie Mae and Freddie Mac. The moves resulted in $49 billion in investor losses, according to the U.S. Department of Justice.

On Tuesday, DOJ announced a $4.9 billion settlement with London-based RBS—the largest U.S. penalty imposed by the agency for financial crisis-related misconduct at a single entity. (In 2017 Deutsche Bank agreed to pay a $3.1 billion penalty; plus a separate $4.1 billion in relief to underwater homeowners and affected communities.)

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Sue Reisinger

Senior reporter at ALM since 2004; based in Florida; covers general counsel and white collar crime; contact: [email protected]

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