RBS reaches $4.9 billion deal to settle U.S. mortgage bond investigation

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RBS reaches $4.9 billion deal to settle U.S. mortgage bond investigation

RBS reaches $4.9 billion deal to settle U.S. mortgage bond investigation

Reuters-

Royal Bank of Scotland (RBS.L) has agreed to pay a smaller-than-expected $4.9 billion to resolve a U.S. investigation into its sale of mortgage-backed securities, paving the way for a long-awaited return of cash to UK taxpayers who bankrolled its post-crisis survival.

RBS said that $3.46 billion of the proposed civil settlement would be covered by existing provisions and that the bank would take a $1.44 billion charge in the second quarter to cover the rest.

Analysts had estimated the U.S. Department of Justice could impose a fine of up to $12 billion on RBS for mis-selling mortgage-backed securities in the run-up to the 2007-2008 financial crisis.

[REUTERS]

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