Austrian bank Bawag P.S.K. Group has agreed to pay $675 million to resolve a federal investigation of the bank for its part in the Refco Inc. scandal, the Securities and Exchange Commission announced.

The SEC announced that it had sued the bank for helping future broker Refco hide losses of more than $1 billion. In the same statement, it announced a settlement by the U.S. Attorney for the Southern District of New York. As part of the settlement, Bawag neither admitted nor denied wrongdoing. The agreement will pave the way for the Austria Trade Union Federation to sell Bawag, the country's fourth-largest bank.

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