RBS has setaside £800m to compensate those parties who have chased them through the legal process in an effort to receive compensation for what they saw as not declaring the true state of the balance sheet and precarious state of the Bank in their rights prospectus when looking for their 2008 Rights Issue to get filled.
There are five groups chasing RBS hard with a court date of March 2017 for a full hearing, RBS has reached agreement with three of these groups.
This class action suit is relevant to any Irish holder of RBS shares who participated in the rights issue and especially staff of Ulster Bank who supported the rights issue strongly, in many cases I know of staff, now serving and many now ex staff with in excess of €20k+ ' invested ' in the rights issue and in support of Ulsters parent RBS, this was wiped out quickly as indeed was the core share holding, decimated in fact.
Hopefully RBS will reach agreement with the other groups, having spent £100m+ defending their position it now seems that they accept some culpability although of course are accepting no liability, that I guess would be too much to expect.
If it proceeds to a settlement, participants should expect about 42% of what was spent on the rights issue to come back, sterling is not worth now what it was then so there will also be a currency loss if you transfer back to Euroland.
http://www.telegraph.co.uk/business/2016/12/05/rbs-offers-settles-shareholder-lawsuit-800m/
There are five groups chasing RBS hard with a court date of March 2017 for a full hearing, RBS has reached agreement with three of these groups.
This class action suit is relevant to any Irish holder of RBS shares who participated in the rights issue and especially staff of Ulster Bank who supported the rights issue strongly, in many cases I know of staff, now serving and many now ex staff with in excess of €20k+ ' invested ' in the rights issue and in support of Ulsters parent RBS, this was wiped out quickly as indeed was the core share holding, decimated in fact.
Hopefully RBS will reach agreement with the other groups, having spent £100m+ defending their position it now seems that they accept some culpability although of course are accepting no liability, that I guess would be too much to expect.
If it proceeds to a settlement, participants should expect about 42% of what was spent on the rights issue to come back, sterling is not worth now what it was then so there will also be a currency loss if you transfer back to Euroland.
http://www.telegraph.co.uk/business/2016/12/05/rbs-offers-settles-shareholder-lawsuit-800m/