Investors suing the Royal Bank of Scotland Group Plc over losses from a 2008 share sale have asked the bank to hand over details of investigations by U.K and U.S. regulators into its narrowly-missed collapse and subsequent hefty bailout, Bloomberg reports.
RBS is being sued by at least 36,000 investors for up to £4 billion (around $6.7 billion) over a 2008 share offering that the bank used to strengthen its capital position in the midst of the credit crisis following a takeover of parts of Dutch bank ABN Amro, according to Reuters. The investors who bought the shares experienced share-price drop of around 90 percent in mere months. Many claim that they were not given a realistic picture of the health of the bank, and if they had known it was struggling they may not have bought more shares, according to British financial website This is Money.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
