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Royal Bank of Scotland hit with $50M fine in Conn.

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January 6, 2014 04:31 PM EST | AP


HARTFORD, Conn. (AP) — The Royal Bank of Scotland has received a $50 million fine in Connecticut, part of more than $600 million in penalties announced last year for manipulating interest rates.

The bank's subsidiary, RBS Securities Japan Limited, was sentenced Monday in federal court in Hartford to the $50 million fine. The subsidiary pleaded guilty last April to wire fraud and admitted its role in manipulating the Japanese Yen London interbank offered rate, or LIBOR. That's the rate that banks use to lend money to each other and provides the basis for trillions of dollars in contracts around the world.

U.S. and U.K. regulators fined RBS $612 million for rate-rigging.

RBS was one of several banks fined for manipulating LIBOR. Prosecutors say those responsible have left the company and others were disciplined. A message was left for company attorneys.