RBS to pay New York $500m for deceptions ahead of 2008 crash

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State attorney general says of agreement: ‘While the financial crisis may be behind us, New Yorkers are still feeling the effects’

Royal Bank of Scotland on Tuesday agreed to pay $500m to settle charges of using deceptive practices while marketing and selling mortgage-backed securities before the 2008 financial crisis.

Announcing the agreement, the New York attorney general, Eric Schneiderman, said: “While the financial crisis may be behind us, New Yorkers are still feeling the effects of the housing crash. Home values plummeted. Vacant homes consumed neighborhoods. And for many New Yorkers, affordable housing fell out of reach.

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#financial crisis
#royal bank of scotland
#banking
#new york
#world news
#us news