RBS investors set to sue bank over crisis

City A.M. Reporter
A GROUP representing investors in Royal Bank of Scotland plans legal action to recover at least £2.4bn lost when they bought shares in the bank shortly before it fell victim to the financial crisis.

Mike Neill, who is coordinating the legal action on behalf of the RBoS Shareholders Action Group, said yesterday the claim was backed by 7,400 investors, including charities and churches, with more likely to join.

A legal source with knowledge of the process said London law firm Bird & Bird would send a letter of claim, but yesterday an RBS source said the bank had not received the letter or been served with proceedings.

RBS stated: “The group considers that it has substantial and credible legal and factual defences to the remaining and prospective claims, and will defend itself vigorously,”