Banks Agree To Pay $165M To Settle Mortgage-Backed Securities Claims

Mealey's (March 16, 2017, 3:59 PM EDT) -- NEW YORK — Underwriters Royal Bank of Scotland Securities Inc., Deutsche Bank Securities Inc. and Wells Fargo Advisors LLC on March 15 agreed to pay a combined $165 million to settle claims that they took part in a fraudulent scheme to misrepresent the underwriting standards they used in the offering documents for a series of mortgage-backed securities (MBS) (New Jersey Health Fund v. Royal Bank of Scotland Group PLC, et al., No. 08-5310, S.D. N.Y.)....