It seems that reports last week of a settlement being agreed between RBS and shareholders, thus negating the expected court appearance of a.o. Fred Goodwin, were premature.
The FT reports that the RBS Shareholders Action Group, which represents thousands of individual investors, secured a £2m deal with high net worth funders on Monday night, taking their total funding pot to about £7m to cover the cost of the trial, according to shareholder Neil Mitchell.
Mr Mitchell said that the claim is “now fully funded” and that “claimants are willing to proceed to trial”, which is set to begin on Wednesday.
It seems the desire to see Goodwin take the stand outweighs mere monetary gain. A number of investors recently told the Financial Times they were unwilling to settle because they wanted to see Goodwin, who was stripped of his knighthood in 2012, held to account and for the “truth” to emerge.