Royal Bank of Scotland Group PLC Majority settlement of 2008 shareholder Litigation (8904Q)
December 05 2016 - 2:46AM
UK Regulatory
TIDMRBS
RNS Number : 8904Q
Royal Bank of Scotland Group PLC
05 December 2016
The Royal Bank of Scotland Group plc
5 December 2016
RBS Settlement with majority of claimants in 2008 Shareholder
Rights Issue Litigation
In order to minimise further material litigation expense and
management distraction and without any admission of liability, RBS
has concluded a full and final settlement with three out of the
five shareholder groups representing 77% of the claims by value in
the 2008 Shareholder Rights Issue litigation.
In total, RBS is willing to make available settlement sums of up
to GBP800 million assuming settlement of all claims, to be split
among all five shareholder groups, subject to agreement and claim
validation. RBS will now seek to agree finalised terms with members
of the remaining two groups whose claims are presently continuing.
Any claims for which settlement is not achieved will, however,
continue to be vigorously defended. The trial for such claims is
due to commence in March 2017.
Ross McEwan, CEO of RBS said: "We have been very clear that we
wanted to deal with as many of our legacy litigation issues as
possible during 2015 and 2016. We are pleased to have reached this
agreement and hope that it will be accepted by the remaining
claimant group(s) so that this long course of complex and costly
litigation can now be concluded."
The total settlement amount of up to GBP800 million is covered
by existing provisions.
For further information contact:
RBS Investor Relations
Alexander Holcroft
Head of Equity Investor Relations
+44 20 7672 1758
Matthew Richardson
Head of Fixed Income Investor Relations
+44 20 7678 1800
RBS Media Relations
+44 131 523 4205
Forward-looking statements
This announcement contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, including those related to RBS and its subsidiaries'
regulatory capital position and requirements, financial position,
future pension funding requirements, on-going litigation and
regulatory investigations, profitability, impairment losses and
credit exposures under certain specified scenarios. In addition,
forward-looking statements may include, without limitation,
statements typically containing words such as "intends", "expects",
"anticipates", "targets", "plans", "believes", "risk", "estimates"
and words of similar import. These statements concern or may affect
future matters, such as RBS's future economic results, business
plans and current strategies. Forward-looking statements are
subject to a number of risks and uncertainties that might cause
actual results and performance to differ materially from any
expected future results or performance expressed or implied by the
forward-looking statements. Factors that could cause or contribute
to differences in current expectations include, but are not limited
to, legislative, fiscal and regulatory developments, accounting
standards, competitive conditions, technological developments,
exchange rate fluctuations and general economic conditions. These
and other factors, risks and uncertainties that may impact any
forward-looking statement or RBS's actual results are discussed in
RBS's UK Annual Report and Accounts and materials filed with, or
furnished to, the US Securities and Exchange Commission, including,
but not limited to, RBS's Reports on Form 6-K and most recent
Annual Report on Form 20-F. The forward-looking statements
contained in this announcement speak only as of the date of this
announcement and RBS does not assume or undertake any obligation or
responsibility to update any of the forward-looking statements
contained in this announcement, whether as a result of new
information, future events or otherwise, except to the extent
legally required.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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