RBS to pay investors £800 million
Embattled Royal Bank of Scotland (RBS) has agreed to pay £800 million in an out-of-court settlement over allegations it misled shareholders during a £12 billion fundraising at the height of the financial crisis.
The state-controlled British bank said on Monday it had settled with three parties of institutional investors, who were among five separate claimant groups suing RBS for more than £4 billion for alleged omissions and misstatements.
The bank, which remains more than 70% state owned, is now trying to reach an agreement with the two other groups in order to avoid a costly, lengthy and potentially embarrassing trial in a case that is unprecedented in English legal history for its size and complexity.
RBS is attempting to settle fines and lawsuits related to its alleged misconduct before and during the financial crisis, which have hindered a return to profit and private ownership. Last week, RBS was the biggest failure in the Bank of England’s annual stress test, partly because of a mounting legal bill that analysts and lawyers had previously estimated could cost the bank up to £21.2 billion.
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