RBS Investors Launch $6B Suit Over Pre-Bailout Stock Sale
Law360, New York (April 3, 2013, 1:20 PM EDT) -- Shareholders slapped The Royal Bank of Scotland Group PLC on Wednesday with a £4 billion ($6 billion) lawsuit in London's High Court, charging that executives concealed the true motivation for 2008 stock sale that was quickly followed by disclosure of huge losses and a government bailout.
The RBOS Shareholder Action Group, which says it represents 12,000 individuals and 100 institutional investors, accuses the company of "misrepresenting the underlying strength of the bank and omitting critical information" when it five years ago offered shares worth £12 billion. Just months after the sale, RBS shares collapsed, and the company had to be rescued...
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