RBS reaches settlement in share case
Court appearance of Fred Goodwin avoided with out of court settlement
RBS - PA
The Royal Bank of Scotland has reached a settlement with shareholders who lost billions during the financial crisis in 2008.
The RBS Shareholders Action Group has voted to accept a 82p a share offer for shares they paid over £2 for during the bank's fundraising bid in 2008. It is almost double the bank's original offer.
This means a court appearance by former RBS chief executive Fred Goodwin has been avoided.
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The 14-week case had been due to start on Monday, 22 May, but had been postponed to allow the campaigners to consider the offer.
The RBS Shareholder Action Group, which represents 9,000 people, claim the bank lied about its assets during the push for investors during the financial crash.
A spokesperson said: "The directors met last night to consider the legal advice and took the decision that this matter will not now go to court."
Taxpayers still own around 70 per cent of the bank, which faces a £200m bill for the settlement.
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