An RBS Action Group has been set up by 7,400 private shareholders and 80 institutional ones (including NatWest Stockbrokers - part of RBS) to sue Royal Bank of Scotland (RBS) and its former directors including ex CEO Fred Goodwin for £2.4BN.
The claim states that RBS misled investors in the prospectus for
its £12BN rights issue to fund the takeover of the Dutch bank ABN Amro.
Mike Neill, chairman of the action group, is also less than impressed with the FSA whitewash of the sorry affair (as is everyone else!).