Barclays : in $13.75 million U.S. settlement over mutual funds

(Reuters) – Barclays Plc will pay more than $13.75 million to settle U.S. regulatory charges that it let retail brokerage customers make unsuitable mutual fund transactions, including more than 6,100 fund switches, over a five-year period.

The Financial Industry Regulatory Authority on Tuesday said the London-based bank’s Barclays Capital Inc unit will pay more than $10 million in restitution, including interest, to affected customers, and was fined $3.75 million.

Barclays did not admit or deny wrongdoing in agreeing to the settlement, which includes a censure. A spokesman had no immediate comment.

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