Royal Bank of Scotland (RBS) is nearing a settlement with shareholders, sources told Reuters, in a lawsuit that accuses the state-owned British bank of misleading them during a $16 billion fundraising at the height of the 2008 financial crisis.
The trial was placed on hold Monday so that shareholders and the bank could negotiate a settlement. There were originally five separate groups of shareholders pursuing the bank, but RBS has now settled with four of them at a cost of around £800 million.
The larger shareholder groups want to settle, according to Reuters, leaving the smaller claimants to foot costly legal bills.
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