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Lloyds file case against RBS

Lloyds Banking Group is joining a class-action lawsuit against Royal Bank of Scotland, seeking 420 million pounds over the bank’s handling of its 12-billion-pound rights issue. According to reports in Scottish media, Lloyds is suing RBS through nine of its pensions and investment management subsidiaries along with 40,000 individual and institutional investors already seeking redress from RBS. Hundreds of investors had previously joined an unprecedented group legal action against RBS, alleging they were misled during an emergency cash call in 2008, and claiming damages of about 4 billion pounds. RBoS Action Group, which represents the largest group of shareholders, last week filed claims and said it would lodge more this week.

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