Request Legal Help Now - Free


RBS Agrees $275M Settlement in Consumer Financial Fraud Class Action Lawsuit

This is a settlement for the Consumer and Financial Fraud lawsuit.

New York, NY: A consumer financial fraud class action lawsuit pending against Royal Bank of Scotland Group, PLC has reached preliminary settlement, with the bank agreeing to pay $275 million.

The lawsuit was brought by New Jersey Carpenters Vacation Fund et al. against the financial institution alleging it misled investors regarding mortgage-backed securities.

Specifically, the lawsuit relates to over $15 billion of the issued mortgage-backed securities which the plaintiffs claimed were sold despite not meeting underwriting guidelines. RBS said the settlement "should not be seen as indicative of how other MBS lawsuits involving the RBS Group may be resolved."

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.
Published on Feb-20-14


Please read our comment guidelines before posting.

Note: Your name will be published with your comment.

Your email will only be used if a response is needed.

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.

Request Legal Help Now! - Free