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Virginia reaches $63m pact with 11 banks in mortgage bond fraud suit

Reuters - UK Focus

Jan 22 (Reuters) - A group of 11 banks agreed to pay more than $63 million to settle allegations that they misled the Commonwealth of Virginia and its retirement system about residential mortgage backed-securities, Attorney General Mark R. Herring said on Friday.

The banks, which include Bank of America Corp's Merrill Lynch unit, Morgan Stanley (Xetra: 885836 - news) , and a unit of the Royal Bank of Scotland Group PLC, misrepresented the quality of the securities, the attorney general said.

Herring sued the banks, which also included units of Citigroup Inc (NYSE: C - news) and Deutsche Bank AG (Other OTC: DBAGF - news) , in 2014. The banks did not admit to liability as part of the settlement. (Reporting by Suzanne Barlyn)