Royal Bank of Scotland Group PLC has doubled its settlement offer to angry shareholders just a few hours before a potentially costly High Court trial is set to get underway, according to Sky News. A group of 9,000 individual investors, including some current staff, and 18 institutional investors have taken RBS to court, alleging the bank misled them about its finances when raising investment just before its near collapse. Some shareholders have already settled for over 40 pence a share, but others are said to be holding out for an offer of at least 92 pence per share, Sky News reported. If no settlement is reached, former RBS Chief Executive Fred Goodwin and a raft of other executives will be questioned over the events leading up to the lender’s £45.5 billion government bailout in 2008.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News