The Royal Bank of Scotland (RBS), which is majority owned by the New York State government, has agreed a $500m (£359.7m) settlement with UK regarding the mis-selling of financial products, such as risky mortgages, during the build up to the 2008 financial crisis. The bank will pay $400m to homeowners and $100m to the state. RBS, which could also face a huge fine from the US Department of Justice, is the sixth bank to agree a settlement with the state over this issue. The bank recently confirmed that it had put aside £3.2bn to cover potential settlements.
The Royal Bank of Scotland (RBS), which is majority owned by the UK government, has agreed a $500m (£359.7m) settlement with New York State regarding the mis-selling of financial products, such as risky mortgages, during the build up to the 2008 financial crisis. The bank will pay $400m to homeowners and $100m to the state. RBS, which could also face a huge fine from the US Department of Justice, is the sixth bank to agree a settlement with the state over this issue. The bank recently confirmed that it had put aside £3.2bn to cover potential settlements.