logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Weight Watchers International, Inc. said Monday that it will change its name to WW to reflect the shift in its focus from weight loss to overall health and well-being. The company also announced the launch of several new services and partnerships. The company said that globally, it will use a new tagline, "Wellness that Works", to reflect the company's heritage. Singapore's anti-trust watchdog has fined ride-hailing firms Uber and Grab with combined fines of $9.5 million over their "anti-competitive" merger deal, noting that the transaction led to a substantial lessening of competition in the ride-hailing platform market in Singapore. In March, Uber said it is selling its Southeast Asia operations as well as Uber Eats in the region to Grab. Shares of Sky Plc were gaining around 9 percent in the early morning trading in London after the media giant urged its shareholders to immediately accept a superior cash offer of 17.28 pounds by Comcast Corp. The consideration implies a value of approximately 30.6 billion pounds or $40 billion for Sky. In an auction process, Comcast offered the highest price, topping 21st Century Fox.
Follow RTT