RBS asked to disclosed probe details into its bailout

RBS building

Royal Bank of Scotland was asked by investors suing over losses from a 2008 share sale to disclose details of probes by U.K. and U.S. regulators into its near-collapse and $78bn bailout.

Bloomberg News reports that a group of the investors requested documents and correspondence related to the U.K. Financial Services Authority’s 2011 report on RBS, the watchdog’s risk-assessment visits to the bank from 2007, and a probe by the U.S. Securities and Exchange Commission into the lender’s conduct, according to their documents from a London court hearing Thursday.

The bank is facing 'a very large disclosure exercise', said Andrew Onslow, a lawyer for the investors, who have also asked for three PricewaterhouseCoopers LLP reports into RBS. The FSA was replaced by the Financial Conduct Authority in 2013.

RBS is being sued for as much as $6.86bn by at least 36,000 investors in a 2008 share offering that took place before the bank was rescued by the British government. 

To access the complete Bloomberg News article hit the link below:

RBS Asked to Hand Over FSA, SEC Probe Details in Share-Sale Suit

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