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A judge ruled that the Royal Bank of Scotland  (RBS) has until July 1 to come to a settlement with shareholders and avoid a trial over the bank's nearly $16 billion cash call during the financial crisis in 2008. 

RBS has already offered the thousands of shareholders that are a part of the lawsuit against the bank $1.3 billion to settle. The bank, which is 70% state-owned, has denied any wrongdoing.

Investors representing 87% of the 4 billion pound damages have already settled with RBS, but the remaining group of litigants contains thousands of current and former employees. 

Shares of RBS were higher by over 1% at the start of trading this morning.

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