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Prudential, L&G and Standard Life poised to join RBS fight
by Sarah Miloudi on Sep 18, 2013 at 07:44
The trio of fund managers are considering whether to join the claim, which alleges the bank misled investors over its strength during the financial crisis and has been lodged by two lobbyists including the RBS Shareholder Action Group.
RBS raised £12 billion via a rights issue in 2008 shortly after the sub-prime crisis hit, then later accepted £45.5 billion in taxpayer support. Its shares crashed shortly afterwards.
According to The Times, one shareholder action group's claim totals in the region of £4 billion, while at a High Court hearing yesterday, Prudential, L&G and Standard Life were told they must decide soon whether they would join the claim or face 'penalties' for dragging their feet.
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