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Bank to Pay $4.9 Billion to Settle RMBS-Related Claims

A foreign banking organization agreed to pay $4.9 billion to resolve DOJ claims related to the underwriting and issuance of residential mortgage-backed securities between 2005 and 2008. The bank agreed to cooperate with authorities. The agreement states that "the Settlement Amount is a civil monetary penalty recovered pursuant to the Financial Institutions, Reform, Recovery and Enforcement Act of 1989 ("FIRREA")." The bank made no admission of liability in connection with the settlement.

Primary Sources

  1. DOJ Settlement Agreement: Royal Bank of Scotland Group plc
  2. DOJ Press Release: Royal Bank of Scotland Agrees to Pay $4.9 Billion for Financial Crisis-Era Misconduct

Tags

Regulated Activities
Fees to Customers
Regulated Entities
Banking Organizations
Regulated Products
ABS Real Estate / Mortgages
Jurisdiction
US - Federal
Organization
Other Author Organizations
Sub-Author
DOJ