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.
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