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Report: RBS close to settling with another claimant group over 2008 cash call

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Report: RBS close to settling with another claimant group over 2008 cash call

Royal Bank of Scotland Group Plc is closing in on a settlement with a fourth of the five groups of shareholders that have sued it over the £12 billion rights issue that the lender conducted prior to its bailout in 2008, the Financial Times reported Dec. 14.

The group is represented by Leon Kaye Solicitors and includes about 4,000 primarily retail investors. The claim is expected to be formally settled within days, according to the report.

Earlier in December, RBS reached final settlements with three other claimant groups litigating its rights issue. A group of around 27,000 institutional shareholders represented by law firm Signature Litigation still plans to press ahead with its case, which is scheduled to go to trial in March 2017.

That claim includes former RBS CEO Fred Goodwin and other former executives as defendants, meaning that they would likely be called to testify, the FT noted.

RBS declined to comment, according to the report.