Bloomberg reported that more lawsuits may be on the way for Edinburg-based Royal Bank of Scotland Group. Units of Legal & General Group, Prudential and Standard Life may file a case against RBS on a share offer it conducted in 2008.
Lawyers for the pension fund managers said their clients could join an existing lawsuit already filed in London. They may also opt to prepare an entirely new complaint. The documents filed by the lawyers in court claimed that as investment groups, they had legitimate reasons to control their own litigation in behalf of their shareholders.
According to Bloomberg, an estimated 16,000 shareholders had already sued RBS. They lost money after investing in a share offer conducted by the bank just months before it needed to be bailed out by taxpayers in the UK in 2008 and 2009. One group filed claims damages amounting to GBP 4 billion or USD 6.4 billion.
RBS could not yet comment on the potential lawsuits.
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