Shareholders suing RBS over ‘misleading’ £12bn rescue told to prove they can meet case costs

Thousands of shareholders suing the Royal Bank of Scotland over its “misleading” £12 billion rescue fundraising during the financial crash must prove they have the insurance to satisfy the costs of a trial, a High Court judge has said. RBoS Shareholder Action Group, which consists of 27,000 retail shareholders supported by 100 institutions, was told to be clear about its ability to meet costs in the event its action fails. The group’s case is on behalf of “thousands of investors, both private and institutional, who lost money by subscribing for shares during the 2008 RBS rights issue” before the collapse that resulted in a £45 billion taxpayer bailout. Judge Robert Hildyard said he was “troubled by the inconsistency of statements” made by the group’s representatives, noting that at least one was inaccurate and was made without the knowledge of the claimants’ solicitors.​