Lloyds joins suit against RBS over rights issue

|By:, SA News Editor

At issue is Royal Bank of Scotland's (RBS) £12B rights issue during the crisis in 2008, and hundreds have alleged they were misled and claimed damages of about £4B. Through nine of  its pensions and investment management subsidiaries, Lloyds (LYG) has joined the action, seeking £420M.

This week marked the six-year anniversary of the sale, the cut-off point at which damage claims must be submitted. RBS, at this point, has indicated no intention of settling.