Welcome to RBoS Shareholders Action Group
We are currently pursuing legal action on behalf of more than 27,000 investors who lost money by subscribing for shares during the 2008 RBoS Rights Issue.
We believe the directors of the bank acted improperly by misrepresenting the underlying strength of the bank at the time and by omitting critical information from the Prospectus. This led to tens of thousands of shareholders taking part at an over-inflated price.
We are the only group suing RBS that represents individuals, including bank branch staff and pensioners, as well as the large institutions. These are people who could ill-afford to be misled over investments that were supposed to keep their families financially secure.
In mounting its defence, the bank is spending more than £100m in legal fees to, in effect, take on its own employees and shareholders. It is also using this vast sum to defend some of the most vilified figures from the financial crisis, including former chief executive Fred Goodwin, who has already been stripped of his knighthood for his failures and dangerously risky decisions.
We will make sure our members get the compensation to which they are entitled.
Independent, 26th April 2017
RBS expects to spend £125m defending the civil case, including £6.5m already paid for the legal fees of Mr Goodwin and his fellow executives, including former chairman Sir Tom McKillop
The Telegraph, 20th April 2017
Former business secretary Vince Cable has lashed-out at the obscene £6.5m that Royal Bank of Scotland is spending to defend former executives including disgraced ex-boss Fred Goodwin in the legal battle over the lender's £12bn cash call during the financial crisis.
The Telegraph, 11th April 2017
Fred Goodwin, the former chief executive of the Royal Bank of Scotland, will appear in court at the start of June over allegations that the lender did not give investors a full picture of its finances at the time of a crunch fundraising in 2008.