Third-party funder Argentum has agreed to bankroll a multimillion-pound claim against The Royal Bank of Scotland (RBS) in London’s High Court.
The floodgates have opened for cases against RBS following its £20bn government bailout in 2008, as investors seek to recoup their losses following its nationalisation.
The group of 21 claimants includes a number of UK and international financial institutions and pension funds suing the bank over a rights issue in April 2008, in which RBS sold its shares at £2 per share. The claimants allege that the prospectus on which the rights issue was based was ‘defective’ and contained material misstatements and omissions.
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