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Royal Bank of Scotland Group plc (ADR) Shareholders File Another Lawsuit

  • If you purchased a significant amount of shares of this company you have certain options and for certain investors are short and strict deadlines running. Investors should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Royal Bank of Scotland Group Plc.
Security
NYSE: RBS

Case Name
Royal Bank of Scotland Group Shareholder Class Action 02/18/2011
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

FEBRUARY 2011 - Another lawsuit for certain investors in Royal Bank of Scotland Group plc (ADR) (NYSE: RBS), who purchased or otherwise acquired their The Royal Bank of Scotland Group plc (NYSE:RBS) American Depository Shares between October 18, 2007 and January 19, 2009, was filed in the United States District Court for the Southern District of New York alleging Royal Bank of Scotland violated Federal Securities laws. The lawsuit follows another lawsuit filed for investors who purchased their RBS shares on or about April 8, 2005 alleging Royal Bank of Scotland issud a false and misleading Registration Statement and Prospectus.
According to the securities class action complaint the plaintiff on behalf of purchasers of The Royal Bank of Scotland Group plc (NYSE:RBS) American Depository Shares alleges that Royal Bank of Scotland Group plc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between October 18, 2007 and January 19, 2009 materially false and misleading statements concerning its subprime exposure and its acquisition of ABN AMRO Bank N.V. The lawsuit for investors of the ADRs of The Royal Bank of Scotland Group plc (NYSE:RBS) who purchased RBS ADRs on or about April 8, 2005 alleges violations of the Securities Act of 1933.

In late 2007, a consortium of banks led by Royal Bank of Scotland Group plc acquired ABN AMRO Bank N.V. in a deal valued at approximately $100 billion.
The plaintiff claims that throughout the acquisition period and following the integration of ABN AMRO Bank N.V.’s businesses, Royal Bank of Scotland Group plc and its executive officers failed to disclose and made materially false and misleading statements concerning Royal Bank of Scotland Group plc ’s subprime exposure and its acquisition of ABN AMRO.
As the truth about Royal Bank of Scotland Group plc’s subprime exposure and its acquisition of ABN AMRO was disclosed to the market, the value of its shares significantly declined, so the lawsuit. In January 2009 the Royal Bank of Scotland Group plc said that the company would report a record loss of £28 billion ($41.3 billion) for fiscal year 2008. The plaintiff alleges that the disclosures of the failure of the ABN AMRO Bank N.V. acquisition caused Royal Bank of Scotland Group plc’s shares to decline over 69 percent in just one day.