Royal Bank of Scotland sounded out former investors last week as part of a bid to avoid a High Court trial later this month.
The lender, and former executives including Fred Goodwin, is due to appear in court next week, from Monday 22 May, for the legal action. It was brought by around 27,000 former retail shareholders and 20 institutional investors.
RBS has settled with 87 per cent of the original claimants, who were suing over a £12bn rights issue in 2008 shortly after which the bank had to be rescued by the taxpayer.
Sky News first reported that a meeting between RBS lawyers and representatives for the shareholder group met last Tuesday.
However, no settlement was agreed and City A.M. understands no further meetings have yet been arranged ahead of the trial.
The shareholder action group declined to comment. RBS has been asked for comment.