RBS to pay $1.1bn to settle certain US mis-selling claims

RBS to pay $1.1bn to settle certain US mis-selling claims
 

Royal Bank of Scotland is to pay $1.1bn (£846m) to settle two claims it mis-sold toxic mortgage securities in the run-up to the financial crisis.
State-backed RBS sold the securities to two credit unions, which failed after the US housing bubble burst in 2008.
The settlement is with the National Credit Union Administration Board (NCUA), which regulates credit unions.
RBS, which under the deal does not admit fault, said payment was covered "substantially by existing provisions".
Among outstanding civil and criminal actions against RBS are claims from the US Department of Justice... read more

 
28 September 2016 in Business, Views: 38
Source: BBC
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