Royal Bank Of Scotland Sued Over $1.6B RMBS Sale

Law360, Los Angeles (October 16, 2013, 6:24 PM ET) -- An investment entity with ties to the Belgian government on Friday accused the Royal Bank of Scotland Group PLC in New York state court of privately betting during the sale of more than $1.615 million in mortgage-backed securities that they would default at significant rates.

Royal Park Investments SA/NV says that the Royal Bank of Scotland used securities filings to defraud it and its assignors into buying supposedly “investment-grade” RMBS certificates at falsely inflated prices. The bank hid information about the credit quality of the certificates...
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