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27,000 Investors Sue RBS and Its Ex-Chief Executive
[Photo: RBS Racecar, by Kleczu / Wikimedia Commons]
As if Royal Bank of Scotland does have enough on its plate, trying to negotiate a ‘toxic mortgage-back securities’ settlement with the U.S. Department of Justice.
Well, some 27,000 private and institutional investors led by law firm Signature Litigation – including a former Vice Chairman of RBS - are suing the bank, ex-CEO Fred Goodwin, and other former directors over a £12bn rights offering. Shareholders allege that RBS misled them over its financial health when it was drumming up support for its cash call at the height of the crisis in 2008, just before its taxpayer rescue.
Four other investor groups have already settled with the bank over the rights issue. If the Signature Litigation group does not follow suit, the case will go to court in May and disgraced former RBS chief Goodwin will have to take the stand. RBS has set aside £800m to cover the claims made by the 5 groups, which were seeking over £4bn.
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JPMorgan Settles Lawsuit with Black Advisers
September 6, 2018