RBS shareholders set to sue directors

by mudricky | October 10, 2009 at 10:14 pm

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Unhappy shareholders from the Royal Bank of Scotland (RBS) are set to sue the former directors after they feel they were mislead about how the bank was preforming and because of that invested more money into the bank.

RBS shareholders will now seek to recover some of £9bn from former directors.

Disgruntled shareholders in the Royal Bank of Scotland have decided to take legal action against the bank's former directors for up to £9bn.

They claim to have been misled about the health of the bank, now 70% owned by the taxpayer, when they were asked to invest money in April 2008.

An action group working for thousands of shareholders said they would target directors from the time of the buyout.

Bradford and Bingley shareholders are also meeting over a compensation case.