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By Nate Raymond NEW YORK (Reuters) - Royal Bank of Scotland Group Plc will pay $1.1 billion to resolve claims that it sold toxic mortgage-backed securities to credit unions that later failed, the U.S. National Credit Union Administration (NCUA) said. The resolution comes as RBS prepares to settle a number of U.S. cases where it is accused of mis-selling mortgage-backed bonds and brings the U.S. regulator's recoveries against various banks to $4.3 billion over their sales of such securities before the 2008 financial crisis. NCUA Board Chairman Rick Metsger said the regulator plans to continue "to pursue recoveries against financial firms that we maintain contributed to the corporate crisis." This case is included in the around $5 billion RBS has set aside to settle historic misconduct charges, including a long-running investigation by the Department of Justice, but some analysts estimate the total claims will be much larger.
Festering alongside mountains of stinking trash under the sweltering South American sun, Cateura is a long way from the conservatories of Prague or Vienna. Orchestra members, impoverished children from Cateura, play violins fashioned from oven trays and guitars made from dessert dishes.