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. RBS said it had "co-operated fully" in its investigation into mortgage lending practices at Countrywide Financial following an inquiry launched last year.
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.