RBS To Pay USD44 Million To Settle U.S. Fraud Claims

Royal Bank of Scotland has settled a US criminal investigation that accused its traders of defrauding clients on bond prices.

The US Department of Justice said RBS will pay USD44m (£33.4m), under the non-prosecution agreement with USD35 million paid as a fine and at least USD9.09 million to more than 30 customers, including Pacific Investment Management Co, Soros Fund Management and affiliates of Bank of America, Barclays, Citigroup, Goldman Sachs and Morgan Stanley.