Royal Bank of Scotland Group Plc is said to be willing to settle with the remaining claimants suing the bank over its controversial £12 billion rights issue in 2008, meaning that former CEO Fred Goodwin may not need to appear in court, Sky News reported.
Representatives for the RBoS Shareholder Action Group informed a judge ahead of a June 7 deadline that they would accept the British lender's 82 pence-per-share settlement offer. The deal is expected to cost RBS approximately £200 million.
A spokesman for the group confirmed that it had accepted legal advice and would no longer proceed to trial, according to the June 6 report.
A slim chance for a trial remains, however, based on claims that the holdout shareholders obtained the £7 million they needed to pursue the case, Sky News noted.
A faction of people from the action group is said to be holding out on the deal as they are determined to see Goodwin held to account in court.
The 14-week trial, which had already been adjourned multiple times by a judge for further settlement talks, was set to begin June 7.