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Royal Bank of Scotland Group PLC, Commerzbank AG And Standard Bank Group Limited Sue Dubai Group Over $10 Billion Debt-Reuters

Thursday, 13 Sep 2012 01:56am EDT 

Reuters reported that Royal Bank of Scotland Group PLC (RBS), Commerzbank AG and Standard Bank Group Limited have begun legal proceedings against an investment vehicle owned by Dubai's ruler, seeking immediate repayment after abandoning talks to restructure $10 billion in debts. The three lenders have decided to pursue legal recourse under the facility documentation, RBS said in a statement. The case has been filed in a London court and law firm SNR Denton is representing the banks. Clifford Chance is representing Dubai Group.