RBS Faces 2nd Round Of US Investor Disclosure Suits

Law360, New York (February 2, 2009, 12:00 AM EST) -- The Royal Bank of Scotland Group PLC is facing another securities class action from U.S. investors alleging that the U.K. clearing bank failed to disclose its exposure to the subprime mortgage market before reporting one of the biggest losses in British banking history.

Filed on Thursday in the U.S. District Court for the Southern District of New York by investor Ferdinand Levy, the lawsuit claims the bank downplayed its risk exposure and issued misleading information to investors about its financial security.

The complaint accuses Edinburgh, Scotland-based...
To view the full article, register now.