RBS Sued Over Predecessor's Alleged $912M Fake Loan

Law360, New York (March 2, 2011, 11:40 PM EST) -- The Royal Bank of Scotland Group PLC on Wednesday was sued in New York by an investor alleging that he paid more than $17 million in fees under a bogus loan contract with the bank's predecessor.

National Westminster Bank PLC, predecessor to the U.K.-based RBS, allegedly conspired with an investment manager to charge plaintiff Tom Gonzales about $17.1 million in management fees on a $912 million loan that never existed, according to a complaint filed in the U.S. District Court for the Southern District of New...
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