RBS investors refuse settlement
Following a nine-year battle, a High Court judge has agreed to stop the case between RBS and its disappointed shareholders. The majority of the RBS Shareholders Action Group of 9,000 investors has agreed to a £200m settlement sum, after the £12bn failure back in 2008. Thirteen per cent of the shareholders however have not accepted the deal, even though it was double the original offer.
Shareholders are expected to get 82p-a-share, compared to the 200p-230p they originally paid. The judge said that the minority of shareholders could apply for the trial to resume if they could provide sufficient funding to continue the case. RBS said in a statement “87% of the remaining claimants by value have accepted the settlement offer and the trial has now been vacated.”
The bank added “The offer remains open for acceptance for a short period to the further 13%.” The bank has settled the majority of claims over the issue during the financial crisis, but has not admitted liability.