Royal Bank of Scotland

News & Analysis as of

Credit Crunch Digest - May 2015

This issue of the Credit Crunch Digest focuses on the nearly $6 billion Forex settlement between the big banks and various regulatory agencies; a judgment against RBS and Nomura in a mortgage-backed securities lawsuit brought...more

Settlement Reached in Forex Lawsuit

For the past few weeks, it has been reported through various outlets that at least five banks were in negotiations with the U.S. Department of Justice (DOJ) and the U.K. Financial Conduct Authority (FAC) to settle...more

Second Circuit Affirms Dismissal of Class Action Alleging That RBS Mislead Investors About RMBS Exposure

On April 15, 2015, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of a putative investor class action against the Royal Bank of Scotland (RBS). The plaintiffs had brought claims under Sections 10(b)...more

Top Ten Finance Litigation And Regulatory Decisions Of 2014

A summary of the most interesting banking litigation and regulatory decisions from 2014. The selection is necessarily subjective and draws from a wide range of cases and developments that are of direct relevance to finance...more

Financial Institutions and a Lack of Ethics

If there is one industry that needs an ethics overhaul, it has to be the financial industry. The list of transgressions continues to grow – AML/sanctions, LIBOR, Foreign Exchange Currency Cartels and Market Manipulations,...more

Financial Conduct Authority Announces Fines Against Banks For Foreign Exchange Practices

On November 12, the FCA announced that it was fining five banks for their foreign exchange practices. Specifically, ineffective controls at the banks allegedly allowed traders to strategize and manipulate exchange rates for...more

Banks Settle with U.K. Regulatory Authority Over Forex Manipulation

Today it was announced that six banks settled with the U.K. Financial Conduct Authority and other regulators for a combined total of approximately $4.3 billion for their roles in the manipulation of the $5.3 trillion-a-day...more

Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC

On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action against Lloyds Bank PLC and Bank of Scotland PLC. ...more

Orrick's Financial Industry Week in Review

Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC - On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more

Royal Bank of Scotland Reaches Settlement in Class Action

On February 14, the Royal Bank of Scotland and a plaintiff class, led by New Jersey Carpenters Health Fund and the Boilermaker Blacksmith Pension trust, reported to the court that the parties had reached a settlement in...more

Good News for Agents, but be Aware

Introduction - In Torre Asset Funding Ltd v Royal Bank of Scotland Plc [2013] EWHC 2670 (Ch), the claimant (“Torre”) was a lender in a financing structure which included super senior, senior, senior mezzanine, junior...more

Credit Crunch Digest -- November 2013

This issue of the Credit Crunch Digest focuses on new Libor cases filed against major banks and an update regarding two U.K. Libor cases; a jury verdict against Bank of America in connection with conduct by Countrywide;...more

Banking & Finance Litigation Update - Issue 70 (Global)

In This Issue: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Press Releases - Excerpt from...more

RBS Settles RMBS Claims By SEC

On November 7, Royal Bank of Scotland PLC (RBS) entered into a consent decree with the Securities and Exchange Commission (SEC) agreeing to pay $153.8 million in settlement of allegations concerning RBS’s disclosures in...more

Royal Park Sues RBS Over $1.6 Billion in RMBS

On October 11, Royal Park Investments SA/NV sued several Royal Bank of Scotland (RBS) entities in New York state court over its purchase of $1.6 billion worth of residential mortgage-backed securities. At issue in the suit...more

LItigation Alert: Green & Rowley - the final chapter

In July 2013 the first English swaps mis-selling case reached the Court of Appeal. The appellants, John Green and Paul Rowley ("GR"), had hoped to overturn an earlier High Court judgment which had dismissed their claim in its...more

Second Circuit to Issuers: You Need Not Disclose Every Single Asset in Your Registration Statements

On September 25, the Second Circuit upheld dismissal of claims against defendant Royal Bank of Scotland (RBS) for alleged failure to disclose enough information about its exposure to subprime mortgages. In so doing, the Court...more

The Disclosure Duties Owed by Banks as Agents to Lenders

The Chancery Division recently handed down its judgment on a hedge fund law suit brought against an agent bank for failing to disclose certain information regarding the borrower’s declining financial health and the occurrence...more

Banking and Finance Litigation Update - Issue 68

In This Issue: - Domestic Banking 2 - Domestic General 4 - European Banking 5 - European General 6 - International Banking 6 - International General 7 - Press Releases 7 - Case Law 9 -...more

Second Circuit To Issuers: You Need Not Disclose Every Single Asset In Your Registration Statements

That was the Second Circuit’s message to companies in a September 25, 2013 order (link) by upholding dismissal of claims against defendant Royal Bank of Scotland (“RBS”) for alleged failure to disclose enough information...more

The FCA Fines RBS £5.6 Million for Serious Transaction Reporting Failings

On July 24, the FCA published the final notice that it issued to The Royal Bank of Scotland plc and The Royal Bank of Scotland N.V. (together, RBS) on July 16....more

Banking & Finance Litigation Update - Issue 65 (European Union)

In This Issue: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Press Releases - Case Law - Excerpt from...more

The Libor Scandal: What's Next?

The London Interbank Offered Rate (Libor) is calculated daily by the British Banking Association (BBA) and published by Thomson Reuters. The rates are calculated by surveying the interbank borrowing costs of a panel of banks...more

Second Circuit Ruling Applied to Revive MBS Claims

On May 1, Judge Harold Baer, Jr. of the U.S. District Court for the Southern District of New York reinstated previously dismissed claims in two class actions brought by several pension fund plaintiffs against Royal Bank of...more

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