Wednesday, 7 March 2018

Royal Bank of Scotland to pay US $500m mortgage securities penalty

The Royal Bank of Scotland has agreed to a $500m (£359.7m) settlement with New York State over the mis-selling of financial products in the lead up to the 2008 global financial crisis.

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

The agreement will see the bank pay $400m in relief to homeowners, as well as $100m to the state.

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

The bank said last month that it had put aside £3.2bn ($4.4bn) to cover upcoming settlements with the US and others.

BBC      News.