Aggrieved RBS shareholders to launch legal suit imminently

Tim Wallace
Follow Tim
CAMPAIGNERS hope to launch a legal suit against RBS within weeks, arguing the bank and key bosses misled them about the strength of the institution in a major rights issue in 2008.

The RBoS Shareholders Action Group plans to launch claims totalling almost £4bn.

RBS said it will “defend itself vigorously” from the suit.

Now the group has insurance to cover legal costs, an insider told City A.M. it expects to launch the case “in weeks, not months.”

Separately, legal claims in the US – covering different instruments but using the same disclosures to shareholders – have failed.