RBS Unit Settles Mass. Subprime Claims For $52M

Law360, New York (November 28, 2011, 2:48 PM EST) -- Royal Bank of Scotland unit RBS Financial Products Inc. will pay $52 million to end the state of Massachusetts’ claims that it financed, bought and securitized mortgage loans that were unfair under state law, state Attorney General Martha Coakley said Monday.

More than 700 homeowners will directly benefit from the settlement, which ends the third case Coakley has brought so far over investment firms’ securitization practices in the wake of the subprime meltdown. Along with recoveries from Morgan Stanley and Goldman Sachs Group Inc., Massachusetts has...
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