The Royal Bank of Commerce ( RBS ) , which is majority owned by the UK government , has agreed a $ 500 m ( £ 359.7 m ) settlement with New York State regarding the re - selling of financial products , such as risky investments , during the build up to the 2008 financial crisis . The bank will pay $ 400 m to creditors and $ 100 m to the state . plc , 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.