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RBS Securities to pay $120M to settle RMBS probe in Connecticut

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RBS Securities to pay $120M to settle RMBS probe in Connecticut

Royal Bank ofScotland Group Plc unit RBS Securities Inc. will pay $120 million to the U.S.state of Connecticut to resolve an investigation into its underwriting of RMBSin the run-up to the 2008 financial crisis.

"RBS [Securities] failed to properly determine — andmisstated — the quality of the mortgage loans comprising many mortgage-backedsecurities," according to Connecticut Attorney General George Jepsen.

From January 2005 to December 2008, RBS Securities served asthe lead underwriter for approximately 250 RMBS deals valued at $250 billion.The state alleged that the company's due diligence on the pools of residentialmortgage loans that collateralized its RMBS deals was inadequate and resultedin omissions and misstatements in public and investor representations about thesecurities.

The Connecticut Department of Banking will receive $250,000of the settlement funds, while the remainder will be deposited in the state'sgeneral fund. Additionally, RBS Securities will be required to certify for 10years with the Department of Banking its compliance with conditions of asupervisory plan approved by the National Adjudicatory Council of the U.S.Financial Industry Regulatory Authority.

The settlement represents the largest single statesettlement in Connecticut's history. RBS Securities is no longer engaged insecuritizing newly originated RMBS.

Separately, RGL Management Ltd. is ready to launch legalaction against RBS in early 2017 over allegations that the company's nowdefunct Global Restructuring Group division drove small businesses in the U.K.into financial difficulties for its own benefit, City A.M. reported Oct. 3.

RGL Management, which was formed in March to coordinatelegal action on behalf of more than 100 small businesses, could issue a totalclaim of more than £1 billion, according to the report.

"Our funding is in place,our investigations are uncovering compelling evidence of illegality and we willbe issuing our claims in early 2017," said James Hayward, CEO of RGLManagement.