New Jersey's Carpenters Can Start Planning Their Trips To Margate, Long Beach Island

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RBS' (alleged!) mortgage-backed chicanery has put a real crimp on the woodsmiths' vacation plans for the last few years. Now, however, the perfidious Scots have agreed to pay up, ensuring quite an upcoming summer down the Shore.

Royal Bank of Scotland Group PLC Wednesday agreed to pay $275 million to settle a class-action suit that alleged the state-controlled bank misled investors who bought mortgage-backed securities.

In a statement, the bank said it has agreed to a settlement with New Jersey Carpenters Vacation Fund et al. subject to documentation and court approval

RBS to Pay $275 Million to Settle Class-Action Suit [WSJ]
RBS agrees to $275 million mortgage-debt settlement [Reuters]

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