RBS settles RMBS claim for $5.5bn
RBS has settled with the Federal Housing Finance Agency over its underwriting of US RMBS, paying $5.5bn for the agency to withdraw its litigation, though it will receive $754m back under an indemnity. Much of the charge was already provisioned, meaning the bank will record an extra charge of only $196m in its second-quarter numbers.
The UK bank can now turn its attention to the civil and criminal investigations under way at the US Department of Justice — which are expected to be the largest settlements, as they have been at other institutions.
Deutsche Bank agreed to pay $3.1bn in cash and $4.1bn
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