June 27, 2017 / 6:30 PM / in 5 months

RBC to pay $16.5 mln to clients as part of regulatory settlement

TORONTO, June 27 (Reuters) - Royal Bank of Canada on Tuesday agreed to pay C$21.8 million ($16.5 million) in compensation to clients who were charged excess fees for mutual fund products and fee-based accounts.

Canada’s biggest lender agreed to make the payments as part of a settlement with the Ontario Securities Commission, the country’s biggest securities regulator. ($1 = 1.3177 Canadian dollars) (Reporting by Matt Scuffham; Editing by Leslie Adler)

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