Royal Bank of Scot­land set­tles cri­sis-era claim

Financial Mail - - MARKET WATCH -

Royal Bank of Scot­land will pay $4.9bn to set­tle US claims that it mis­led in­vestors on res­i­den­tial mort­gage-backed se­cu­ri­ties be­tween 2005 and 2008, the US jus­tice depart­ment said. The depart­ment said the penalty is the largest-ever im­posed on a bank for mis­con­duct lead­ing up to the fi­nan­cial cri­sis. The bank in May said that it had reached the set­tle­ment in prin­ci­ple.

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