Bank shareholders sue in UK for record loss

Working with local counsel, we represent shareholders in a UK case alleging that in 2008 the Royal Bank of Scotland (RBS) misled investors about its exposure to subprime-related assets, collateralized debt obligations, and the inflated value of its assets. When the misrepresentations came to light, RBS lost £44 billion of its market value and many RBS shareholders lost substantially all their investments. RBS’s subsequent write-downs and reported full-year net loss for 2008 represented the largest loss ever for a UK-based company and the largest for any commercial bank in the world. Subsequently, the UK government bailed out RBS on three occasions, becoming an 82% shareholder of the company. The UK High Court is actively managing this complex action has combined our clients’ claim with those of several other groups.  Discovery has commenced and trial is scheduled to start in December 2016. 

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