Remaining shareholders finally settle RBS class action
![Remaining shareholders finally settle RBS class action](https://gallery.mailchimp.com/91cb73bca688114fefed773f2/images/694609aa-0e43-4646-85e1-5685637f4606.png)
The RBoS Shareholders Action Group has voted to accept an 82p a share offer to finally settle with Royal Bank of Scotland over its disastrous 2008 rights issue.
The group comprises 9,000 private and commercial shareholders who claimed they were duped into handing £12 billion to the bank during the financial crisis.
The amount is below the 200p-230p a share that investors paid during the fundraising at the height of the financial crisis, when they say RBS lied about its financial health.
The settlement means that the disgraced former chief executive of RBS, Fred Goodwin, will not appear in court.
The groups of investor, who have held out after many others settled before this month’s scheduled court case, voted on the settlement on Monday evening, but have declined to comment on whether the decision was unanimous.
Shares in RBS fell 1.1 per cent to 256.85p.
Shortly after the rights issue in 2008, RBS was bailed out with £45bn of taxpayers’ money.
The state still owns more than 70 per cent of the bank.