Another settlement has been reached by the Royal Bank of Scotland over its handling of the sale of residential mortgage-backed securities. RBS has so far paid more than $13 billion in such costs.
The Edinburgh, United Kingdom-based financial institution has agreed to settle alleged misconduct in the marketing and sale of risky RMBS prior to the 2008 financial crisis.
Recipients of the settlement funds will be the Teachers Retirement System of the State of Illinois, the State Universities Retirement System of Illinois, and the Illinois State Board of Investment.
Source: Mortgage Daily