RBS in $20M RMBS Settlement with Illinois
July 5, 2018
Royal Bank of Scotland (RBS) has agreed to a $20 million settlement with the State of Illinois in connection to the bank’s marketing and sale of risky residential mortgage-backed securities (RMBS) in the years before the 2008 recession.
The State will divide the settlement proceeds between the Teachers Retirement System of the State of Illinois, the State Universities Retirement System of Illinois and the Illinois State Board of Investment, which oversees the State Employees’ Retirement System. This is the eighth settlement that Illinois has secured with a major financial services entity connected to problematic RMBS sales in the previous decade.
“With this settlement, I have recovered over $475 million for Illinois pension systems and residents as a result of fraudulent conduct in the mortgage-backed securities market,” said Attorney General Lisa Madigan. “Nearly a decade after the economic crisis, I continue to recover critical funds for the state due to Wall Street’s misconduct.”
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