Lloyds sues RBS for £420m over ‘misleading’ rights issue

21/05/14 by Ian Fraser
In an unprecedented move, taxpayer-backed Lloyds Banking Group is suing Government-owned Royal Bank of Scotland over the Gogarburn-based bank’s “misleading” £12 billion rights issue.
In what is seen as the first American-style class action to hit the English courts, Lloyds, which is suing RBS through nine of its pensions and investment management subsidiaries, has joined more than 40,000 individual and institutional investors already seeking redress from RBS.
Lloyds’ £420million claim takes the total for all investors suing RBS in the High Court of Justice of England and Wales over the rights issue to nearly £5bn.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: