Wednesday, September 16, 2015

RBS Settles Mortgage-Securities Lawsuit with NCUA

Bloomberg is reporting that Royal Bank of Scotland Group Plc has agreed to pay $129.6 million to resolve a lawsuit claiming it sold toxic mortgage-backed securities to two failed corporate credit unions.

The offer by two RBS units is not an admission of liability, according to a filing late Tuesday in a New York federal court.

The National Credit Union Administration (NCUA) Board sued the units on behalf of the now-defunct Southwest Corporate Federal Credit Union and Members United Corporate Federal Credit Union in 2013. NCUA claimed that RBS distorted the quality of mortgage loans backing securities bought by the defunct corporate credit unions.

Read the story.

Read the NCUA press release.
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