RBS sued for up to four billion pounds by shareholder group

A shareholder group has begun legal proceedings against Royal Bank of Scotland Group and four former directors for up to four billion pounds in compensation.

A shareholder group has begun legal proceedings against Royal Bank of Scotland Group and four former directors for up to four billion pounds in compensation.

The RBOS Shareholder Action Group has launched a class action lawsuit demanding compensation for losses resulting from the bank's £12bn rights issue in 2008 when it is now claimed the "directors sought to mislead shareholders by misrepresenting the underlying strength of the bank and omitting critical information from the prospectus'.

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