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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

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RBS in $129.6 million mortgage securities deal with U.S. regulator

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09/15/2015 | 06:48pm EST
The City of London business district is seen through windows of the Royal Bank of Scotland headquarters in London

NEW YORK (Reuters) - Royal Bank of Scotland Group PLC has agreed to pay $129.6 million to resolve claims by a U.S. regulator that it sold toxic mortgage-backed securities to now-failed credit unions, according to a court filing on Tuesday.

The National Credit Union Administration filed a federal lawsuit in New York in 2013 on behalf of two defunct credit unions, Southwest Corporate and Members United Corporate.

A spokesman for RBS did not immediately respond to a request for comment outside regular business hours.

The NCUA, which regulates, charters and supervises federal credit unions, has brought several lawsuits against various banking defendants over securities sold to several credit unions that failed during the financial crisis.

The agency previously recovered more than $1.7 billion from several banks, including JPMorgan Chase & Co, which agreed to pay $1.4 billion in November 2013; Bank of America Corp, Deutsche Bank AG; Citigroup Inc; and HSBC Holdings Plc.

In the RBS case, the NCUA claimed the bank systematically ignored underwriting guidelines for the securities, which were rated triple-A at the time they were purchased by the credit unions for a total of more than $300 million in 2006 and 2007.

The credit unions were placed into conservatorship in September 2010, according to the lawsuit.

The case is National Credit Union Administration Board v. RBS Securities Inc et al., U.S. District Court for the Southern District of New York, No. 13-6726.

(Reporting by Joseph Ax; Additional reporting by Nate Raymond; Editing by Steve Orlofsky and Tom Brown)

By Joseph Ax

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -1.70% 33.54 Delayed Quote.-4.77%
CITIGROUP INC. -1.73% 78.42 Delayed Quote.-1.84%
HSBC HOLDINGS PLC 1.12% 579.4 Delayed Quote.-2.11%
THE ROYAL BANK OF SCOTLAND GROUP PLC 1.96% 223.4 Delayed Quote.-7.03%
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Financials (USD)
Sales 2020 92 151 M
EBIT 2020 38 672 M
Net income 2020 25 773 M
Debt 2020 -
Yield 2020 2,37%
P/E ratio 2020 11,1x
P/E ratio 2021 10,2x
Capi. / Sales2020 3,22x
Capi. / Sales2021 3,15x
Capitalization 296 B
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 36,93  $
Last Close Price 33,54  $
Spread / Highest target 43,1%
Spread / Average Target 10,1%
Spread / Lowest Target -16,5%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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