The long running saga that is the £4bn shareholder group action against the Royal Bank of Scotland (RBS) has reached a decisive stage, as claimants represented by Quinn Emanuel Urquhart & Sullivan, Stewarts Law and Mishcon de Reya have settled their case while thousands of claimants represented by Signature Litigation will press ahead for trial next spring.
The RBS action is brought against the bank’s former chief executive Fred Goodwin and three other directors, and relates to a rights issue in April 2008, in which RBS sold its shares at £2 per share. The claimants alleged that the prospectus on which the rights issue was based was ‘defective’ and contained material misstatements and omissions.
