The Mail reports today that a £4bn lawsuit by RBS shareholders against the bank is set to begin within weeks after campaigners secured insurance against losing the case.
The case against RBS is focussed on a series of allegedly misleading statements made by the Directors in the lead up to the announcement of the Rights Issue, and the alleged omission of critical information from the Prospectus. These matters are said by the Action Group to constitute a breach of the Financial Services and Markets Act 2000, and the Group claim that that as a result RBS is liable to pay compensation to shareholders in respect of their losses. For more information on the case, click here.
The RBoS Shareholder Action Group told members it had reached an important milestone' by securing litigation cover. Sources familiar with the group's preparations said that the beginning of legal action was now imminent, with English solicitors Bird & Bird apparently set to issue RBS with a claim before the end of the month.
Watch this space.....