RBS right issue High Court finishes with one investor still 'dissatisfied'
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A hardcore minority of Royal Bank of Scotland shareholders refused to accept the state-owned bank's settlement offer, although a High Court judge stopped the case on Wednesday.
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While 87% of claimants in the nine-year case have accepted the deal, lawyers representing a reluctant 13% said they have yet to make up their minds whether to accept an 82p-a-share settlement that is double the initial offer but a fraction of the 200p-230p they paid for the shares in RBS's 2008 rights issue.
Almost all of the 'action group' said they were unlikely to pursue further court action due to the high legal costs, though one investor with 2,000 shares said he was "dissatisfied".
With 87% of the claimants by value having accepted the settlement offer, the trial has now been vacated.
An RBS spokesperson said the offer remains open for acceptance "for a short period" to the further 13%.
"It was made clear today in court that this delay is the result of procedural issues. None of the outstanding claimants have indicated any intention to continue the claim.
"We have been very clear that putting our legacy issues behind us is a priority so that we can focus on building the best bank for our customers, shareholders and employees. Reaching settlement, with no admission of liability, is a positive outcome for the bank and its shareholders, in what could have been a lengthy trial process lasting several years.”
It was reported earlier in the week that a die-hard group of investors were trying to raise £7m in litigation funding to pursue the case further and force former chief executive Fred Goodwin and other senior executives to appear in court.