10 major banks agree RMBS settlement in Virginia

RBS, Barclays, Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, UBS, and the Virginia Retirement System have together combined to agree a settlement of over $63m in order to settle claims that they misrepresented the value and quality of residential mortgage backed securities to the state of Virginia and the Virginia Retirement System. Of this total, Bank of America agreed to pay $19.5m, RBS $10m and Barclays $9m.

By Dani Kass (January 22, 2016, 4:49 PM EST) -- Merrill Lynch, RBS, Barclays and eight other banks have agreed to pay more than $63 million to settle allegations that they misrepresented residential mortgage-backed securities to the state of Virginia and the Virginia Retirement System, the state attorney general announced Friday....

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