Royal Bank of Scotland said in order to minimise further material litigation expense and management distraction and without any admission of liability, it has concluded a full and final settlement with three of the five shareholder groups representing 77% of the claims by value in the 2008 Shareholder Rights Issue litigation.
In total, RBS is willing to make available settlement sums of up to £800 million assuming settlement of all claims, to be split among all five shareholder groups, subject to agreement and claim validation.
RBS will now seek to agree finalised terms with members of the remaining two groups whose claims are presently continuing. Any claims for which settlement is not achieved will, however, continue to be vigorously defended. The trial for such claims is due to commence in March 2017.
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