RBS to settle shareholder lawsuit for more than $250 million
Posted On: Jun. 7, 2017 7:16 AM CSTThe Royal Bank of Scotland Group P.L.C. has reached a £200 million ($258 million) settlement with RBoS Shareholders Action Group Ltd. over the bank's bailout in 2008 which led to shareholders losing most of their investments, The Irish Times reported.
The lawsuit centered on shareholders' claims that RBS misrepresented the state of the bank's health at the time of its rights issue in 2008. The settlement is likely to cost £100 million on top of £800 million set aside by RBS in 2016 for such payments.