US Investors Sue Royal Bank Of Scotland Over IPO

Law360, New York (January 13, 2009, 12:00 AM EST) -- U.S. investors have brought a securities class action against the Royal Bank of Scotland Group PLC alleging the U.K. clearing bank hid its exposure to debt securities when it sold $950 million in American depositary shares in a June 2007 initial public offering.

The suit, filed Monday by plaintiffs firm Coughlin Stoia Geller Rudman & Robbins LLP in the U.S. District Court for the Southern District of New York, claims the 38 million shares were marketed to investors through a false and misleading prospectus and registration...
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