RBS to pay $1.1 Billion to Resolve U.S. Regulator's Mortgage cases

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Royal Bank of Scotland Group (LON:RBS) Plc will pay $1.1 billion to resolve claims that it sold toxic mortgage-backed securities to credit unions that later failed, the U.S. National Credit Union Administration (NCUA) said on Tuesday.

The settlement with RBS brings the U.S. regulator's recoveries against various banks to $4.3 billion in lawsuits over their sale of mortgage-backed securities before the 2008 financial crisis.

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NCUA Board Chairman Rick Metsger said the regulator was pleased with the settlement and plans to continue "to pursue recoveries against financial firms that we maintain contributed to the corporate crisis."

The settlement resolves lawsuits filed in federal courts in California and Kansas in the NCUA's role as the liquidating agent for Western Corporate Federal Credit Union and U.S. Central Federal Credit Union.
Under the settlement, RBS does not admit fault, the NCUA said in a statement. The settlement comes on top of a prior deal in 2015 in which RBS agreed to pay $129.6 million to resolve a similar federal lawsuit the NCUA filed in New York.

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