RBS Will Pay Up to $1 Billion Over 2008 Rights Issue Claims
- The bank says the settlement covered by existing provisions
- Bank has come to an agreement with three of the five groups
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Royal Bank of Scotland Group Plc moved closer to clearing a backlog of charges for misconduct that have slowed its return to profitability, agreeing to pay as much as 800 million pounds ($1 billion) to settle investor lawsuits over its 2008 emergency rights offering.
The bank has reached agreement with three of the five shareholder groups representing 77 percent of the claims by value, the Edinburgh-based lender said in a statement on Monday. RBS is still in discussions with the other two groups, it said. The 800 million pounds, which is covered by existing provisions, would be split among the five groups.