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RBS to face £125M legal costs in 2008 cash call suit

Royal Bank of Scotland Group Plc is set to face about £125 million in legal costs to fight a case brought by shareholders suing it over its 2008 cash call, City A.M. reported April 3, citing an interim court ruling.

According to the ruling, at least £6.5 million was incurred in defending four former RBS executives — former CEO Fred Goodwin, former Chairman Tom McKillop, former Head of Corporate Markets Johnny Cameron and former Group Finance Director Guy Whittaker.

RBoS Shareholder Action Group, a 27,000-member group of retail shareholders, is suing the bank for allegedly misleading investors ahead of the ill-fated £12 billion rights issue.

Absent a deal between the shareholder group and the bank, a trial is set to begin in May.