RBS to pay up to £800m to settle 2008 rights issue claims

London

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 (S$1.45 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 per cent 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, which is covered by existing provisions, would be split among the five groups.