RBS To Fork Over $275M To Settle MBS Class Action

Law360, New York (February 19, 2014, 3:39 PM ET) -- Employee health and pension funds that launched a consolidated class action in New York federal court accusing Royal Bank of Scotland Group PLC of misleading investors in mortgage-backed securities offerings have agreed to a $275 million cash settlement, the plaintiffs’ attorneys said Wednesday.

According to plaintiffs' lead counsel Joel P. Laitman of Cohen Milstein Sellers & Toll PLLC, the $275 million settlement with RBS is the nation's third-largest MBS-federal securities class action settlement stemming from the 2008 financial collapse. The plaintiffs in the certified consolidated class...
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