CHICAGO — RBC Capital Markets LLC will pay $30.4 million to settle charges filed Tuesday by the Securities and Exchange Commission accusing the firm of misconduct for its role in the sale of unsuitably risky investment products to five Wisconsin school districts.

"RBC failed Securities 101 when it sold complex derivatives that were unsuitable to five school districts without fully informing them of the risks," Robert Khuzami, director of the SEC's Division of Enforcement, said in a statement. RBC does not agree nor deny the allegations in the order filed Tuesday.

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