US government demands RBS pays $13billion to settle mortgage fraud claims

‘The US government has demanded $13bn (£8.3bn) from Royal Bank of Scotland to settle claims it deceived purchasers of mortgage-backed securities (MBS).

The figure, which is far above what analysts had expected, would be a significant blow to the lender and the UK taxpayer, which still owns 79pc of the group.

The Federal Housing Finance Agency (FHFA), a US government agency, announced the total in a New York court as part of one of two cases RBS is involved in over MBS. The other is in Connecticut.’

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