A federal appeals court Tuesday ordered two federal agencies to review the whistleblower claims of a former Royal Bank of Scotland (RBS) employee who is seeking a slice of a nearly $5 billion settlement.
A three-judge panel of the U.S. Court of Appeals for the Second Circuit ruled that the Securities and Exchange Commission and the Department of Justice must review the whistleblower claim of Victor Hong, a former RBS employee who says he provided three federal agencies with information about a massive U.S.-based fraud involving RBS’s mortgage-backed securities.
