Bank's NY agreement

RBS agrees $500m US mortgage settlement

RBS St Andrew SqThe Royal Bank of Scotland has reached a $500m (£359.7m) settlement with New York State over the mis-selling of financial products in the lead up to the 2008 global financial crisis.

It becomes the sixth bank to settle with the state over similar claims, mainly linked to risky mortgages.

The bank will hand over $400m to compensate homeowners and $100m to the state.

RBS has set aside more than £3 billion to settle further anticipated penalties in the US.

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