US finalizes $4.9 bn fine on RBS for financial crisis conduct

RBS committed a variety of ills associated with the underwriting and packaging of subprime loans into securities that became toxic in the US housing bust, US officials said

Britain's Royal Bank of Scotland will pay $4.9 billion to settle charges it misled investors on mortgage-backed securities ahead of the financial crisis, the US Justice Department announced Tuesday.

Edinburgh-based RBS committed a variety of ills associated with the underwriting and packaging of subprime loans into securities that became toxic in the US housing bust, US officials said.

"Many Americans suffered lasting economic harm as a result of the 2008 financial crisis,” said Acting Associate Attorney General Jesse Panuccio.

"This settlement holds RBS accountable for serious misconduct that contributed to that financial crisis, and it sends an important message that the Department of Justice will pursue financial institutions that illicitly harm the American economy and our consumers."

A final settlement was expected after RBS in May disclosed a preliminary deal with the Justice Department.

A Justice Department statement accused RBS of failing to disclose loan risks to investors; waiving standards in a way that allowed bad loans to be included in securities packages; and providing loan data to investors that gave a false impression that the loans were less risky than they really were.

These offenses are "allegations only, which RBS disputes and does not admit," the Justice Department said.

Last year, in a settlement with the Federal Housing Finance Authority over the same matter, the bank agreed to pay $5.5 billion.

The fine is the latest following billions of dollars in penalties on major banks over their conduct ahead of the financial crisis.

  • Prayers, holy water as Venezuelan Curacao aid shipment delayed
    News
    AFP News

    Prayers, holy water as Venezuelan Curacao aid shipment delayed

    Venezuelan opposition supporters rallied in Curacao's port Saturday, pushing for their own shipment to join in a dangerous aid effort for their country, but the vessel's captain declined to sail yet for security reasons. While in Venezuela border clashes and military desertions raised tensions

  • Two killed as Venezuela aid distribution operation turns violent
    News
    AFP News

    Two killed as Venezuela aid distribution operation turns violent

    A high-risk opposition campaign to deliver humanitarian aid into Venezuela descended into deadly chaos Saturday after President Nicolas Maduro's security forces fired on demonstrators and aid trucks were set ablaze as his blockade held firm. Two people, including a 14-year-old boy, were killed in

  • North Korean leader's train arrives in China
    News
    AFP News

    North Korean leader's train arrives in China

    North Korean leader Kim Jong Un's armoured train arrived in China late Saturday ahead of his highly anticipated second summit with US President Donald Trump in Vietnam, according to media reports. Official North Korean news agency KCNA confirmed Kim's departure from Pyongyang earlier Saturday

  • Saudi Arabia replaces envoy to Washington: royal decree
    News
    AFP News

    Saudi Arabia replaces envoy to Washington: royal decree

    Saudi Arabia has replaced its ambassador to the United States, a royal decree announced Saturday, as the fallout over journalist Jamal Khashoggi's murder tests relations between the two allies. Princess Rima bint Bandar was appointed the kingdom's first woman envoy to Washington, replacing Prince

  • Winds battering central Italy kill four
    News
    AFP News

    Winds battering central Italy kill four

    Strong winds whipping through central Italy killed four people on Saturday, including a teenager who died when his father fell off the roof and crushed him, media reports said. The 14-year old in Capena near Rome was holding the ladder for his father as he attempted to fix damage to the family roof,

  • Japan's Okinawa to vote on controversial US base move
    News
    AFP News

    Japan's Okinawa to vote on controversial US base move

    Residents of Japan's Okinawa go to the polls Sunday in a closely watched referendum on the controversial relocation of a US military base to a remote part of the island. The ballot will ask residents whether they support a plan to reclaim land at a remote coastal site for the relocation of the Futenma

  • Virginia School District Plans For Bias Training After Black History Month Slavery ‘Game’
    huffpost
    HuffPost

    Virginia School District Plans For Bias Training After Black History Month Slavery ‘Game’

    "Madison's Trust Elementary in Ashburn, about 30 miles northwest of Washington,D

  • Potbellied Pig Running Loose Lured Home With Pack Of Oreos
    huffpost
    HuffPost

    Potbellied Pig Running Loose Lured Home With Pack Of Oreos

    A cookie-loving potbellied pig is back at home after her brief escape wasthwarted with a pack of "Most Stuf" Oreos

  • Nigerians wait for election results as polls close
    News
    AFP News

    Nigerians wait for election results as polls close

    Nigerians on Saturday waited to hear who their next president will be as voting in delayed elections drew to a close and the counting began. Results from nearly 120,000 polling stations were being collated at local and state level before being sent to the capital, Abuja, on Sunday. The chairman of

  • Sudan's Bashir names new PM as protest leaders dismiss emergency
    News
    AFP News

    Sudan's Bashir names new PM as protest leaders dismiss emergency

    President Omar al-Bashir named a new prime minister Saturday as he pressed on with a shake-up at the top, even as protest leaders dismissed his move to impose a state of emergency across Sudan to quell nationwide demonstrations. Bashir's three-decade rule has been rocked by two months of protests

  • Lebanese demand civil marriage on home soil
    News
    AFP News

    Lebanese demand civil marriage on home soil

    Dozens of protesters rallied in the Lebanese capital Beirut on Saturday, calling on the government to recognise civil marriages carried out on home soil. The demonstrators gathered in front of Lebanon's interior ministry, days after recently-appointed Interior Minister Raya al-Hasan said she is

  • Cardinal admits Church files on paedophile priests 'destroyed'
    News
    AFP News

    Cardinal admits Church files on paedophile priests 'destroyed'

    A top Catholic cardinal admitted Saturday that Church files on priests accused of sexually abusing children were destroyed or never even drawn up in a move which allowed paedophiles to prey on others. German Cardinal Reinhard Marx was speaking on the third day of an unprecedented summit of the world

  • Philippine central bank governor Espenilla dies
    Finance
    Reuters

    Philippine central bank governor Espenilla dies

    MANILA (Reuters) - Philippine central bank governor, Nestor Espenilla, died on Saturday, the bank said. He was 60 and had cancer.

  • Don Lemon: It 'Doesn't Help' Trump To Call Out White Supremacy
    huffpost
    HuffPost

    Don Lemon: It 'Doesn't Help' Trump To Call Out White Supremacy

    "Why doesn't he just call out these white supremacists?" colleague Chris Cuomoasked Friday night, calling it "a no-brainer

  • Paris gets taste of rural life with farm parade
    News
    AFP News

    Paris gets taste of rural life with farm parade

    French rural life came to the capital Paris on Friday when cows, sheep and other livestock were paraded through a Paris neighbourhood to mark the start of an annual agricultural fair. Farmers paraded around 50 animals, some wearing colourful traditional headgear and floral decorations, through the Buttes-Chaumont

  • Lindsey Graham Is Now Praising Trump's Syria Strategy
    huffpost
    HuffPost

    Lindsey Graham Is Now Praising Trump's Syria Strategy

    Sen. Lindsey Graham (R-S.C.) is praising President Donald Trump's change ofheart on a total pullout of U.S. forces from Syria, supporting his decision tokeep 200 troops

  • Young and restless: Albanian youth see a future elsewhere
    News
    AFP News

    Young and restless: Albanian youth see a future elsewhere

    After emerging from his hiding place inside a truck packed with children's toys at a British port, Alban Tufa saw the police and realised his attempt to slip into the country had failed. Several weeks later, the 21-year-old was put on a plane back to Albania.

  • 'Abused' Saudi sisters trapped in Hong Kong risk deportation
    News
    AFP News

    'Abused' Saudi sisters trapped in Hong Kong risk deportation

    Two Saudi sisters trapped in Hong Kong say chronic physical abuse by male family members prompted them to flee the kingdom, where they now fear they will be forcibly returned. The siblings are the latest example of Saudi women plotting their escape from the ultra-conservative kingdom only to find themselves

  • As 'caliphate' crumbles, IS women remain defiant
    News
    AFP News

    As 'caliphate' crumbles, IS women remain defiant

    "My son will grow up to become a jihadist," a woman cried proudly as she stepped off a bus ferrying people out of the Islamic State group's last sliver of territory in eastern Syria. Defiant and angry, she is one of 2,000 people evacuated Friday from the jihadists' final scrap of territory

  • Two killed after minibus hits landmine near east Ukraine's Donetsk
    News
    Reuters

    Two killed after minibus hits landmine near east Ukraine's Donetsk

    A minibus hit a landmine while crossing the border between Ukraine and the breakaway Donetsk region on Saturday, killing two civilians and injuring a third, local authorities and witnesses said. The bus, carrying three people, hit the mine after swerving off road in the buffer zone between two border

  • Duke, Beloved Dog Mayor Of Small Minnesota Town, Has Died
    huffpost
    HuffPost

    Duke, Beloved Dog Mayor Of Small Minnesota Town, Has Died

    One of Minnesota's most popular, most good-natured and fluffiest politiciansdied Thursday

  • Thousands march as France's 'yellow vest' protests rumble on
    News
    Reuters

    Thousands march as France's 'yellow vest' protests rumble on

    Thousands of people marched on Saturday in Paris and other cities and dozens were arrested as France's "yellow vest" movement staged its 15th consecutive weekend of demonstrations against the government. Some 11,600 people joined the protests nationwide, including 4,000 in the capital,

  • Venezuela aid convoy moves to Colombia border, troops fire tear gas
    News
    Reuters

    Venezuela aid convoy moves to Colombia border, troops fire tear gas

    CUCUTA, Colombia/URENA, Venezuela (Reuters) - Venezuelan opposition leader Juan Guaido gave a personal send off to an aid caravan from the Colombian city of Cucuta toward the border between the two countries on Saturday, pledging to bring food and medicine to a hungry population despite President Nicolas

  • India detains Kashmir separatists, issues new warning to Pakistan
    News
    AFP News

    India detains Kashmir separatists, issues new warning to Pakistan

    Indian authorities arrested dozens of Muslim leaders in raids across Kashmir and sent thousands of reinforcements to the troubled territory on Saturday as Prime Minister Narendra Modi stepped up warnings to Pakistan over a suicide bomb attack. As international concern grows over India-Pakistan sabre-rattling

  • Toxic alcohol kills 98 in India, hundreds hospitalised
    News
    AFP News

    Toxic alcohol kills 98 in India, hundreds hospitalised

    Ninety-eight workers have died and at least 200 others have been hospitalised in northeastern India after drinking toxic liquor, officials said Saturday, in the latest case of alcohol poisoning in the country. The deaths in Assam state came less than two weeks after tainted liquor killed about 100 people