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RBS to set aside funds amid fresh talks to settle rights issue suits-Sky News

Reuters - UK Focus

Oct (Shenzhen: 000069.SZ - news) 26 (Reuters) - Royal Bank of Scotland Group Plc held fresh discussions with a group of institutional investors to settle one of many outstanding cases against the bank over its 12 billion pound rights issue, Sky News reported.

RBS (LSE: RBS.L - news) will set aside more money to settle claims brought by investors over its rights issue, Sky News said.

Lawyers for RBS had recently approached a group of five institutional claimants, including Aviva (Other OTC: AIVAF - news) , Legal & General (LSE: LGEN.L - news) and the Universities Superannuation Scheme, about a potential settlement, Sky News said.

A deal could be reached with some of these shareholders within weeks, Sky News said.

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Royal Bank of Scotland could not immediately be reached for comment.

RBS is still being sued by thousands of shareholders who are claiming around 4 billion pounds in compensation over the rights issue.

Chief Executive Officer Ross McEwan said in May that he was considering an out-of-court settlement in the shareholder case.

The Edinburgh-based bank in May 2008 had asked shareholders to stump up 12 billion pounds to bolster the its capital position, after losing billions on U.S. mortgage assets and an ill-fated acquisition spree that included the takeover of Dutch rival ABN Amro.

The bank, once the world's largest by assets, was partly-nationalised just five months later, diluting the value of shares held by other investors. (Reporting by Sangameswaran S in Bengaluru)