This is Money on 4th March reported that Royal Bank of Scotland had agreed a £200 million settlement with a shareholder action group last year. Thousands of ordinary shareholders had joined the “RBoS Shareholders Action Group” to sue the bank for inveigling them into buying shares during the Fred Goodwin era, and promised/expected a share of the award. However, the article alleges that Irish businessman Gerard Walsh, named as a fraudster by Jersey’s Royal Court – is trying to claim for himself millions of pounds through a secretive company, and lawyers say they have uncovered 90 million ‘phantom’ shares that formed part of the action group’s claim, but never actually existed. This would have inflated the claim.
http://www.thisismoney.co.uk/money/news/article-5458423/RBS-bizarre-case-200m-action-group-deal.html#ixzz58np7C1bi
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