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RBS Reaches $500 Mln Settlement With New York Over Mortgage Securities

Royal Bank of Scotland Group plc (RBS,RBS.L) reached $500 million settlement with the New York State over the bank's deceptive practices and misrepresentations to investors in connection with the packaging, marketing, sale, and issuance of residential mortgage-backed securities or RMBS leading up to the 2008 financial crisis.

The settlement included $100 million in cash to New York State and $400 million worth of consumer relief for New York homeowners and communities, the New York Attorney General Eric Schneiderman said.

RBS was the sixth bank to settle with the state over similar claims, linked to risky mortgages.

RBS still faces a potentially massive fine from the US Department of Justice.

The bank said last month that it put aside 3.2 billion pounds to cover upcoming settlements with the US and others.

by RTT Staff Writer

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