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RBS settles claim with FHFA over US RMBS claims

12 July 2017 13:46

The Royal Bank of Scotland Group confirmed that it has reached a settlement with the Federal Housing Finance Agency (FHFA) as conservator of Fannie Mae and Freddie Mac, to resolve claims by FHFA in relation to the banks issuance and underwriting of approximately $32bn (£25bn) of residential mortgage-backed securities (RMBS) in the US.

RBS said that as part of the settlement, FHFA's outstanding litigation against RBS will be withdrawn.

Ross McEwan, RBS CEO, said:

"Today's announcement is an important step forward in resolving one of the most significant legacy matters facing RBS and is further evidence of the determination of the bank's leadership to put our remaining issues behind us.

"This settlement is a stark reminder of what happened to this bank before the financial crisis, and the heavy price paid for its pursuit of global ambitions."

At 1:46pm:

(LON:RBS) Royal Bank of Scotland Group The PLC share price was +3.95p at 260.45p

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