The Royal Bank of Scotland (RBS) has settled with care home provider, Westgate Healthcare, over allegations of mis-selling of an interest rate swap. It is understood from reports that the bank paid about £10m in damages out of court to the firm; however, it has admitted no liability. A spokesman for RBS's UK retail banking division said: "We are pleased to have reached a resolution and we will be working closely together with Westgate Healthcare on this matter.
The Royal Bank of Scotland (RBS) has settled with care home provider, Westgate Healthcare, over allegations of mis-selling of an interest rate swap. It is understood from reports that the bank paid about £10m in damages out of court to the firm; however, it has admitted no liability. One expert has suggested that RBS is facing over 40 legal cases over swap mis-selling; the bank has declined to comment.