Royal Bank of Scotland Reaches Settlement with U.S. Regulator

The U.S. National Credit Union Administration saYS the Edinburgh lender will pay $1.1 billion to settle claims it sold toxic mortgage-backed securities to credit unions that later failed.
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Royal Bank of Scotland (RBS) - Get Report shares were in focus on Wednesday after the U.S. National Credit Union Administration says the Edinburgh lender will pay $1.1 billion to settle claims it sold toxic mortgage-backed securities to credit unions that later failed. The settlement brings the agency's recoveries against various banks to $4.3 billion over the sales of such securities, according to Reuters. The NCUA also said that under the settlement, RBS will not admit fault. Reuters reported that RBS still faces about 13 other civil litigation cases for alleged mis-selling of asset-backed securities.

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