BOSTON, March 29 (Reuters) - A unit of Banco Santander SA has agreed to pay $22 million in connection with what the attorney general in Massachusetts called a first-in-the-nation settlement involving subprime auto loan securitization.
Santander Consumer USA Holdings Inc’s settlement was announced at a press conference in Boston by Massachusetts Attorney General Maura Healey on Wednesday.
The accord marked the first settlement in United States in connection with investigations into how financial institutions packaged subprime auto loans into securities sold to investors. The U.S. Justice Department has also been investigating.
Reporting by Nate Raymond in Boston