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Shareholder Lawsuits Could Cost Royal Bank of Scotland Group PLC GBP4 Billion-Reuters
Reuters reported that two lawsuits brought against Royal Bank of Scotland Group PLC by shareholders who say they were misled into taking part in a 2008 cash call could cost the bank over GBP4 billion ($6.1 billion), court documents showed. Thousands of shareholders are suing for compensation for losses incurred as a result of the GBP12 billion ($18.4-billion) rights issue in April 2008, months before RBS came close to collapse and had to be taken over by the state. The shareholders, organised into two groups who have filed separate claims, allege that the prospectus for the capital raising failed to paint a true picture of the bank's deteriorating financial position.
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