Violation Tracker Individual Record

Company: 
Royal Bank of Scotland
Current Parent Company: 
Royal Bank of Scotland
Penalty: 
$500,000,000
Year: 
2018
Date: 
March 6, 2018
Offense Group: 
financial offenses
Primary Offense: 
toxic securities abuses
Violation Description: 

The New York Attorney announced a $500 million settlement with Royal Bank of Scotland concerning allegations of deceptive practices and misrepresentations to investors in connection with the packaging, marketing, sale, and issuance of residential mortgage-backed securities (RMBS) in the period leading up to the financial crisis. The settlement included $100 million in cash to New York State and $400 million worth of consumer relief for New York homeowners and communities.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Attorney General
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
United Kingdom
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.