Royal Bank of Scotland on Tuesday agreed to pay $500m to settle charges of using deceptive practices while marketing and selling mortgage-backed securities before the 2008 financial crisis. Announcing the agreement, the New York attorney general, Eric Schneiderman, said: “While the fi...
Royal Bank of Scotland Group has agreed to pay $4.9 billion to resolve a U.S. probe into the structuring and sale of mortgage-backed securities ahead of the 2008 financial crisis. The bank said that $3.46 billion of the proposed civil settlement will be covered by existing provisions and ...
A group of shareholders inRoyal Bank of Scotland(RBS) has launched a multi-million pound lawsuit against the state-owned bank for misleading investors at the height of the credit crisis in 2008. In the first court document filed in the U.K. over the bank's record 12 billion pound ($18 ...
Bradley, Diana
The allegations prompted Britain's business secretary Vince Cable to demandan "urgent response" from Britain's financial regulators and from RBS, 82percent owned by taxpayersfollowing a government rescue during the 2008financial crisis. Lawrence Tomlinson, a businessman hired as an advisor by Cable'...
Thereport, which was commissioned by RBS chairman Sir Philip Hampton, said that the perception has arisen among SMEs that RBS is “unwilling to lend”. Like all major financial institutions, RBS was engulfed by the 2008 financial crisis, and as such, the report says that although lending had...
The value of the deal has yet to be determined. RBS has drastically cut the size of its investment bank since receiving a 45.5 billion pound (US$73 billion) government bailout in the 2008 financial crisis. Its new chief executive Ross McEwan will publish the findings of a strategic review ...
The accord, which must be approved by a federal judge in New York, is the third-largest settlement in a U.S. class action against banks that packaged and sold mortgage securities that were at the heart of the 2008 financial crisis. ...
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In October 2008 the U.K. government announced a plan to take £37 billion in equity stakes in several of the country’s major banks, including RBS (of which it acquired 70 percent ownership), to prevent the collapse of the financial sector following the subprime mortgage crisis—a severe ...