State-backed Royal Bank of Scotland may need to pay $13 billion to settle claims it misled investors in mortgage-backed securities, according to documents filed in a US court. The size of the potential settlement could make it more difficult for Britain's finance ministry to proceed with its plan to start selling the government's 78 percent stake in the bank in coming months, industry sources say.
The estimate was made in a filing by Philippe Selendy, a lawyer for Quinn Emanuel, which has brought the case for the US Federal Housing Finance Agency and is based upon a previous judgement in a separate case involving RBS.