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HSBC to pay $765M civil penalty to settle RMBS claims

HSBC North America Holdings Inc. agreed to a $765 million civil penalty to settle claims by the U.S. Department of Justice over its practices regarding residential mortgage-backed securities. HSBC USA Inc., a unit of HSBC North America, will pay $492 million of the total penalty.

The claims are related to its packaging, securitization, issuance, marketing and sale of RMBS between 2005 and 2007.

HSBC did not admit liability or wrongdoing in the settlement. The company said it was fully reserved for the penalty.