ARTICLE · 03 SEPTEMBER 2014

RBS Settles MBS Claims With Assured

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RBS Securities settled a lawsuit alleging misrepresentations concerning the collateral underlying a US$291 million securitization.

United StatesFinance and Banking

Howard S. Altarescu

Edward G. Eisert

Francesca Drake

Douglas S. Mintz

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On August 14, RBS Securities reached a deal with Assured Guaranty Municipal Corp. to settle a lawsuit alleging misrepresentations concerning the collateral underlying a US$291 million securitization. The complaint alleged that Assured anticipated paying US$100 million in claims pursuant to the monoline insurance policy it issued in connection with the securitization. In light of the settlement, Judge Ronnie Abrams of the United States District Court for the Southern District of New York dismissed Assured's suit with prejudice, with the stipulation that Assured may restore the suit within 30 days if the settlement is not finalized. The amount and terms of the settlement were not disclosed. Order.

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