News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

News

RBS to pay $500m to New York over mortgage security mis-selling

Bank warned recently about legacy issues related to its sale and packaging of residential mortgage backed securities

RBS to pay $500m to New York over mortgage security mis-selling
Photo: iStockPhoto

Royal Bank of Scotland on Tuesday agreed to a $500m settlement linked to charges that it sold faulty residential mortgage-backed securities to investors in the lead up to the financial crisis, MarketWatchreports.

The settlement includes some $100m cash to to New York State and $400m in consumer relief for homeowners throughout the Empire state, according to New York State Attorney General Eric Schneiderman.

WSJ Logo