December 29, 2014 8:33 AM ET

Capital Markets

Company Overview of RBS Securities Inc.

Company Overview

RBS Securities Inc. operates as a security brokerage firm. The company provides asset-backed loans including mortgage, auto, and manufactured housing loans. It also offers trading and investment banking services. The firm was formerly known as Greenwich Capital Markets, Inc. and later changed its name RBS Securities, Inc. in April, 2009. The company was founded in 1981 and is based in Stamford, Connecticut with additional offices in Atlanta, Georgia; Chicago, Illinois; Irvine, California; San Francisco, California; and Washington, District Of Columbia. RBS Securities Inc. operates as a subsidiary of RBS Holdings USA Inc.

600 Washington Boulevard

Stamford, CT 06901

United States

Founded in 1981

Key Executives for RBS Securities Inc.

Co-Chief Executive Officer and Co-President
Co-Chief Executive Officer and Co-President
Age: 52
Founder
Age: 62
Managing Director and Associate General Counsel
Managing Director and Associate General Counsel
Compensation as of Fiscal Year 2014.

RBS Securities Inc. Key Developments

Virginia Files Lawsuit against Barclays Capital Inc., Citigroup Global Markets Inc., Countrywide Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., RBS Securities, Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, WAMU Capital Corp., J.P. Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Inc

Virginia has filed a lawsuit seeking $1.15 billion in damages against 13 banks accused of misleading the Virginia Retirement System. The case stems from the sale of residential mortgage-backed securities to VRS from 2004 to 2010. The retirement system was forced to sell most of the securities, taking a loss of $383 million. The VRS was entitled to accurate information about the underlying mortgages when making decisions on how to invest taxpayer money and contributions by employees. Instead, these large banks purposefully included high-risk mortgages in securities and fraudulently misrepresented the quality of those loans to rating agencies and large investors like VRS. The case is the financial fraud action brought by the commonwealth and is the case ever brought under the Virginia Fraud Against Taxpayers Act. The banks named in the suit are: Barclays Capital Inc., Citigroup Global Markets Inc., Countrywide Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., RBS Securities Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, WAMU Capital Corp., J.P. Morgan Securities LLC (and as current owner of Bear, Stearns & Co.), and Merrill Lynch, Pierce, Fenner & Smith Inc. (and as current owner of Banc of America Securities LLC). The attorney generals office says that the banks offered the securities to VRS as stable, solid investments, but an analysis showed that nearly 40% of the 785,000 mortgages backing 220 securities purchased by the retirement system had a significantly higher risk for default. The suit charges that these banks knew, or should have known, that claims they made about the quality of the mortgages were false. The attorney generals office said a whistleblower, Integra REC LLC, discovered the fraud using sophisticated methods to match the securities purchased by VRS with the mortgages and properties they contained. The case is being handled by the civil litigation division of the attorney generals office.

Berman DeValerio Announces $340 Million Settlement of IndyMac MBS Class Action

The law firm of Berman DeValerio announced a $340 million proposed settlement of class-action claims against six underwriters of IndyMac mortgage-backed securities. The application to provide notice of the proposed settlement to class members, filed in a New York federal court, would result in the one of the large federal class-action recoveries for investors in mortgage-backed securities (MBS). Berman DeValerio represents the lead plaintiffs in the matter, the Wyoming State Treasurer's Office and the Wyoming Retirement System. If approved by the Court, the settlement would resolve claims that the offering materials for 50 MBS offerings issued by now-defunct IndyMac Bank contained untrue statements because they mischaracterized the underwriting practices used to originate and acquire the underlying loans. The underwriter defendants in the case are Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. (in its own right and as successor-in-interest to Bear Stearns & Co. Inc.), RBS Securities Inc., Morgan Stanley & Co. Inc. and UBS Securities LLC. The class action settlement must be approved by U.S. District Judge Lewis A. Kaplan, who is overseeing the case. The agreement, if approved, will bring the total value of IndyMac MBS settlements to $346 million. A $6 million partial settlement with former officers and directors of IndyMac was approved in December 2012. The case is In re IndyMac Mortgage-Backed Securities Litigation, Master Docket No. 09 Civ. 04583 (LAK) (S.D.N.Y.).

Cohen Milstein Sellers & Toll PLLC Settles Class Action with The Royal Bank of Scotland Group Plc, RBS Financial Products Inc., RBS Acceptance, Inc., RBS Securities Inc. and RBS Holdings USA Inc

By Order of the United States District Court for the Southern District of New York, Cohen Milstein Sellers & Toll PLLC announces that a settlement has been reached in a class action lawsuit pending in the United States District Court for the Southern District of New York. The lawsuit, New Jersey Carpenters Vacation Fund, et al. v. The Royal Bank of Scotland Group PLC, et al., Civ. No. 08-5093-LAP, asserts claims against The Royal Bank of Scotland Group, plc, RBS Financial Products Inc., RBS Acceptance Inc., RBS Securities Inc. and RBS Holdings USA Inc., Robert J. McGinnis, Carol P. Mathis, Joseph N. Walsh, III, John C. Anderson and James M. Esposito (collectively, the Defendants), relating to certain mortgage-backed securities (the Litigation).

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