Below is the first part of an article from marketwatch.com. It reads…
By Max Colchester , The Wall Street Journal
Royal Bank of Scotland Group PLC Wednesday agreed to pay $275 million to settle a class-action suit that alleged the state-controlled bank misled investors who bought mortgage-backed securities.
In a statement, the bank said it has agreed to a settlement with New Jersey Carpenters Vacation Fund et al. subject to documentation and court approval.
The bank had already planned for the payout as part of a recently announced GBP1.9 billion provision.
The case relates to more than $15 billion of the issued mortgage-backed securities which the plaintiffs alleged were sold despite not meeting underwriting guidelines. RBS said the settlement “should not be seen as indicative of how other MBS lawsuits involving the RBS Group may be resolved.”
Source: http://www.marketwatch.com/story/rbs-to-pay-275-million-to-settle-class-action-suit-2014-02-19-134493632
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