Royal Bank of Scotland unit to pay $150 mln to settle U.S. SEC charges

Reuters

WASHINGTON, Nov 7 (Reuters) - A unit of the Royal Bank ofScotland agreed to pay more than $150 million to settlecivil charges alleging it misled investors in a financialcrisis-era subprime mortgage product, U.S. regulators announcedThursday.

The Securities and Exchange Commission said the money itwill collect from RBS Securities Inc would go towardcompensating harmed investors.

The bank agreed to settle with the SEC without admitting ordenying the charges, which allege that it misled investors aboutthe quality of the underlying loans and the likelihood theywould be repaid.

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