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Bank charges: Investors to sue RBS

Over 12,000 private shareholders are launching a compensation claim against Royal Bank of Scotland (RBS).

They are collectively aiming to gain up to £4 billion in compensation from RBS for misleading them into thinking that the bank was in good financial health prior to the financial crisis of 2008.

The RBS Shareholders Group, which is taking legal action against the bank, said: “We believe the directors of the bank acted improperly by misrepresenting the underlying strength of the bank at the time and by omitting critical information from the Prospectus.  This led to thousands of shareholders taking part at an over-inflated price.”

Proceedings from the Group against a handful of directors have begun. They say that because Barclays misled its shareholders it has breached Section 90 of the Financial Services and Markets Act 2000.

During the financial crisis, RBS had to be bailed out by the UK government and is now 80 per cent owned by the taxpayer.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801565791-ADNFCR

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