Goldman to pay RBS $100m

Goldman Sachs has agreed to pay $550m to settle charges over the sale of mortgage products, including $100m to Royal Bank of Scotland, Reuters reports

Goldman acknowledged that its marketing of Abacus 2007-AC1, a synthetic collateralised debt obligation (CDO), was flawed. The bank agreed to change its procedures.

The Securities and Exchange Commission brought the securities fraud charges, but the fine was lower than the $1bn suggested. Goldman’s shares made up more than the fine.