LONDON--(BUSINESS WIRE)--The RBoS Shareholder Action Group would like to remind all current and prospective members that the deadline for issuing a claim against RBS in relation to the Rights Issue of May - June 2008 is fast approaching.
The closing date to join the Action Group is 30 April 2014. The Action Group regrets that it will not be able to admit late joiners beyond this date. Given this timetable, the Action Group urges all those who are considering joining to register their details as soon as possible.
On 28 March 2014 the Action Group announced that it has secured a £23,500,000 package of ATE insurance and indemnity cover, to protect its members against the possibility of an adverse costs order in its action against RBS.
Fred Campbell, speaking on behalf of the Action Group, said: “Our claim is already progressing through the courts. The Group is well funded and, with appropriate insurance in place, can afford to fight tooth and nail with RBS on behalf of its members. For those who feel misled by the bank and its directors, now is the time to join our claim and fight for compensation.”
To find out how to join the claim, and for more information on the Action Group, please go to www.rbosaction.org.
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About the RBoS Shareholder Action Group
The RBoS Shareholder Action Group is a not-for-profit shareholder action group. It represents over 12,000 private shareholders, many of whom are pensioners, and over 100 institutional investors who lost money in the 2008 RBS Rights Issue.
The Action Group maintains that RBS and its directors (including Fred Goodwin, Tom McKillop, Johnny Cameron, and Guy Whittaker) misled shareholders by misrepresenting the underlying strength of the bank and omitting critical information from the 2008 Rights Issue prospectus. It claims that RBS is liable to its shareholders for losses which they suffered on Rights Issue shares, by reason of breaches of Section 90 of the Financial Services and Markets Act 2000.