{"id":5522,"date":"2013-11-20T00:00:00","date_gmt":"2013-11-20T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/11\/rbs_securities_inc_settles_sec"},"modified":"2022-05-04T14:35:11","modified_gmt":"2022-05-04T19:35:11","slug":"rbs-securities-inc-settles-sec","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/rbs-securities-inc-settles-sec\/","title":{"rendered":"RBS Securities Inc. Settles SEC\u2019s Subprime RMBS Lawsuit for $150M"},"content":{"rendered":"\n

RBS Securities Inc., which is a Royal Bank of Scotland PLC. Subsidiary (RBS), has agreed to pay $150 million to settle Securities and Exchange Commission allegations that it misled investors in a $2.2 billion subprime residential mortgage-backed security offering in 2007. The money will be used to pay back investors who were harmed.<\/p>\n

The SEC claims the RBS said that the loans backing the offering \u201cgenerally\u201d satisfied underwriting guidelines even though close to 30% of them actually were so far off from meeting them that they should not have been part of the offering. As lead underwriters, RBS (then known as Greenwich Capital Markets,) had only (and briefly) looked at a small percentage of the loans while receiving $4.4 million as the transaction\u2019s lead underwriter. <\/p>\n

SEC Division Enforcement co-director George Cannellos said that inadequate due diligence by RBS was involved. The Commissions also says that because RBS was in a hurry to meet a deadline established by the seller, the firm misled investors about not just the quality of the loans but also regarding their chances for repayment. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

RBS Securities Inc., which is a Royal Bank of Scotland PLC. Subsidiary (RBS), has agreed to pay $150 million to settle Securities and Exchange Commission allegations that it misled investors in a $2.2 billion subprime residential mortgage-backed security offering in 2007. The money will be used to pay back investors who were harmed. The SEC […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3757,3999],"tags":[2557],"class_list":["post-5522","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-mortgagebacked-securities","category-rbs-securities","tag-rmbs"],"yoast_head":"\nRBS Securities Inc. 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