British Ministry May Join Investor Suit Against State-Owned RBS

One America News Network | 11/4/2011 | Staff
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LONDON (Reuters) – A British government department has applied to join a class action suit to represent some shareholders who are among those state-owned Royal Bank of Scotland is alleged to have misled in 2008, a document seen by Reuters shows.

The Ministry of Justice’s move ahead of next month’s trial, at which former RBS chief executive Fred Goodwin is due to testify, is the latest twist in one of the costliest cases in British legal history.

Lawsuit - RBS - Investors - Employees - Institutions

The civil lawsuit is being brought by RBS investors, including former and current employees and around 100 institutions, who bought shares during a 12 billion pound ($15.35 billion) rights issue. They allege RBS, which later had to be rescued in a 45 billion pound bailout, and four of its former directors, concealed the extent of its financial woes.

The Accountant General of the Senior Court has applied to join the RBoS Shareholder Action Group to represent those such as children and the estates of people who have died intestate and might not otherwise be able to pursue claims, sources familiar with the case told Reuters.

Ministry - Justice - Application - Move - February

The Ministry of Justice declined to comment on the application, which follows a similar move in February by senior businessmen including former RBS vice-chairman Angus Grossart.

Goodwin could not be...
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