US judge dismisses RBS shareholder case

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Royal Bank of Scotland (RBS) shareholders involved in a £3.3bn lawsuit against the lender and former directors, including Fred Goodwin, have seen similar allegations made in the US dismissed.

The Telegraph reports US preference shareholders filed a class action against RBS, it directors and advisory banks in 2009 saying they had been materially mis-led about it's sub-prime exposure and its acquisition of ABN Amro. However, a New York district judge dismissed the case in its entirety and found there had been no "material" mis-statements. The report said the decision came just says after it emerged UK shareholders who took part in the bank's £12bn rights issue in 2008 were about to launch a lawsuit of their own.

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