June 7, 2017 / 9:34 AM / 2 months ago

Lawyer for RBS investors wants trial over 2008 rights issue called off

LONDON, June 7 (Reuters) - A lawyer for shareholders in RBS , who are suing the bank over losses related to its 2008 rights issue, has asked a London High Court judge to call off a trial because a majority of investors had agreed to an out-of-court settlement.

Jonathan Nash said on Wednesday that 87 percent of the shareholder group had settled or intended to agree to an out-of-court deal offered by the Royal Bank of Scotland.

Shareholders had alleged the bank and its top executives misled them during a 12 billion pound ($15.5 billion) cash call launched just before RBS's near collapse and record bank bailout in 2008. They lost around 80 percent of their investments.

The court is awaiting a decision by the judge. (Reporting by Lawrence White, editing by Kirstin Ridley)

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