Report alleges US authorities pushing for criminal charges for RBS

A Wall Street Journal (WSJ) article has alleged that US authorities are pushing for a settlement of interest-rate rigging allegations with Royal Bank of Scotland Group citing unnamed individuals who it said had been "briefed on negotiations" as its sources.

A Wall Street Journal (WSJ) article has alleged that US authorities are pushing for a settlement of interest-rate rigging allegations with Royal Bank of Scotland Group citing unnamed individuals who it said had been "briefed on negotiations" as its sources.

ShareCast contacted the RBS press office and a spokeswoman declined to comment on the WSJ article specifically.

The WSJ article claimed that its sources had said the settlement would result in a unit of the British bank pleading guilty to criminal charges in addition to paying a penalty.

It reported that RBS executives were resisting any guilty pleas because they were fearful that it could lead clients to cut off activity with the bank and increase exposure to costly litigation.

The article further alleged that it would be likely to include approximately £500m in penalties levied by US and British authorities, although the report added that the exact amount remained in flux.

RBS' share price was down 5.25% to 348.50p at 12:56 on Tuesday.

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to