Monday, 22 May 2017

RBS court battle with investors adjourned

Legal action brought by 9,000 investors who are seeking compensation from Royal Bank of Scotland after losing money on shares has been adjourned for 24 hours.

Investors say they were misled over the bank's financial health in the run-up to its near-collapse and £45bn government bailout in 2008.

They are demanding £520m from the bank and four former directors, including former RBS boss Fred Goodwin.

However, the bank has been trying to reach a last-minute settlement.

RBS has now offered the investors 82p a share, almost double its previous offer.
The bank is keen to forestall the case at London's High Court, had been due to open on Monday morning and was expected to last 14 weeks.

The adjournment, which was agreed by the claimants and the defendants, was granted at a brief hearing by Mr Justice Hildyard.

He was told by Jonathan Nash QC, for the shareholders: "The parties are currently involved in settlement discussions and are hopeful of making progress. On that basis they have also agreed that the start of the trial should be deferred by 24 hours until 10.30 tomorrow."

BBC     News.