This Friday will see fireworks at the Royal Bank of Scotland's general meeting.
An RBS Shareholder Action Group has been set up by private shareholders, intent on bringing a class action against the company for allegedly misleading the shareholders over the state of the bank's finances when it made a rights issue in May 2008.
The new rights were issued at 200p, and are now trading under 20p.
The trouble with class actions brought by shareholders is that the only people who really benefit are the lawyers, the shareholders may well be angry (an indeed have a right to be angry) but by suing the company (in the guise of the board/previous board) they are in effect suing themselves.
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