Royal Bank of Scotland may overtake Deutsche Bank as the European firm with the highest disclosed legal bills since the financial crisis.
Bloomberg News reports that RBS, which once ran one of the world’s largest securities firms, is set to pay a fine for misconduct by its investment bank. Its role in peddling mortgage-backed bonds that fueled the U.S. housing meltdown could cost RBS $4.9 billion, according to the terms of a tentative deal it reached with the U.S. Justice Department last week.
That would increase the bank’s legal tab since the start of 2008 to $17.9 billion, ahead of the $17.3 billion Deutsche Bank had spent through the first quarter, according to company filings and calculations by Bloomberg.
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