The Royal Bank of Scotland (RBS) is taking the unusual action of reimbursing 730,000 customers of the bank for its ill-gotten forex markup gains taken by previous workers in its foreign exchange department at the bank. This particular activity of misconduct was discovered independent of what has been called the greatest FX scandal in history.…
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Read moreRoyal Bank of Scotland Group plc (LON:RBS) said it expects to settle with American authorities investigating Forex manipulation at the bank in the coming month and set aside a further 334 million pounds ($515 million) to cover the potential cost. The allocation from RBS takes the total set aside by the bank for future FX settlements to 704 million pounds…
Read more"To be clear, no further bonus payments will be made or unvested bonus awards released to those in scope of the review until it has concluded and its recommendations have been considered" - Jon Pain, Head of Conduct and Regulatory Affairs, RBS
Read moreRoyal Bank of Scotland could reach a settlement with authorities over the alleged rigging of FX markets in the next six to 12 months as first reported by Bloomberg, Chief Executive Officer Ross McEwan said. The two biggest litigation issues facing Britain’s largest state-owned lender are an investigation into currency rigging and the U.S. government probe…
Read moreNot much resolved at WorldSpreads creditors meeting.
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