RBS to pay New York $500m over financial crisis

The Royal Bank of Scotland has agreed to a $500m settlement with New York State over the mis-selling of financial products in the lead up to the 2008 global financial crisis, according to a BBC News report which says RBS is the sixth bank to settle with the state over similar claims, linked to risky mortgages. The agreement will see the bank pay $400m in relief to homeowners, as well as $100m to the state. RBS still faces a potentially massive fine from the US Department of Justice. The bank said last month that it had put aside $4.4bn to cover upcoming settlements with the US and others.