RBS investor case due in High Court tomorrow

clock

Shareholders in Royal Bank of Scotland (RBS) who are suing the bank over a £12bn rights issue made months before its near-collapse will have their first day in court tomorrow.

The Times reports a High Court judge will hold the first ‘administrative hearing' of two separate lawsuits on Tuesday. The cases could result in RBS paying out billions of pounds in compensation. The rights call in dispute came in April 2008, months before the lender took a £45bn state bailout to avoid collapse. The two cases argue that RBS mis-led investors by failing to disclose the real state of its deteriorating financial position in documentation, therefore breaching the Financial Services and Markets Act 2000. The report said the first case has been brought by Bird & Bird on ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA's SDR regulation will 'make advisers sit up and listen'

FCA's SDR regulation will 'make advisers sit up and listen'

‘There has to be a fundamental re-educating of the adviser community’

Isabel Baxter
clock 30 November 2023 • 4 min read
Advice/guidance boundary review will help 'bridge advice gap'

Advice/guidance boundary review will help 'bridge advice gap'

The FCA’s latest update leads to mixed reactions from the industry

Sahar Nazir
clock 04 August 2023 • 4 min read
FCA review confirms investment pathways working 'as intended'

FCA review confirms investment pathways working 'as intended'

No changes to initiative but industry called to better support savers

Holly Roach
clock 12 July 2023 • 3 min read