Prudential Equity Group, the brokerage unit of financial services company Prudential Financial, has agreed to a $600m (€470m) settlement with US regulators for its part in the mutual fund trading scandal.

Prudential agreed to pay $270m to the Securities and Exchange Commission to settle the charges. The broker will pay a $325m criminal penalty to the US Department of Justice, and $5m will be paid as a civil penalty to the Massachusetts Securities Division.