RBS group accepts deal

A group representing Royal Bank of Scotland investors has accepted an out-of-court deal to settle a lawsuit that aimed to call disgraced former CEO Fred Goodwin to account over a £12bn (€13.7bn) cash call in 2008.

Organisers of the RBS Shareholder Action Group, that had vowed to see the bank and its former bosses in court, have told their members they will accept last week’s revised, out-of-court offer after days of intense talks delayed a long-awaited trial.

“Having carefully considered the merits of the current offer...we have decided to accept the offer of 82 pence per share on behalf of our membership,” the action group said in a letter, dated May 27.“This is a decision which is fully supported by our legal advisers,” it added, acknowledging that some of its claimants, who had been keen to hold out longer, might be surprised.