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US demands RBS to pay £8.3bn to resolve claims over securities mis-selling
The US government has demanded Royal Bank of Scotland pay £8.3billion to resolve claims that it misled purchasers of mortgage-backed securities. The action was brought by Philippe Selendy, a lawyer for Quinn Emanuel. He has brought the case for the US Federal Housing Finance Agency. Nomura and RBS were ordered last month to pay a collective £520million for making false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac. The Federal Housing Finance Agency announced the total in a New York court as part of one of two cases RBS is involved in relating to these mortgage debt packages. The ... (full story)