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BRIEF-RBS settles legal claims over 2008 rights issue with majority of claimants
December 5, 2016 / 7:12 AM / 9 months ago

BRIEF-RBS settles legal claims over 2008 rights issue with majority of claimants

Dec 5 (Reuters) - Royal Bank Of Scotland

* Settlement with majority of claimants in 2008 shareholder rights issue litigation

* Without any admission of liability, rbs has concluded a full and final settlement with three out of five shareholder groups

* In total, rbs is willing to make available settlement sums of up to £800 million assuming settlement of all claims, to be split among all five shareholder groups

* Shareholder groups represented 77% of claims by value in 2008 shareholder rights issue litigation

* Total settlement amount of up to £800 million is covered by existing provisions

* Is willing to make available settlement sums of up to £800 million assuming settlement of all claims

* Total settlement amount of up to £800 million is covered by existing provisions.

* Will now seek to agree finalised terms with members of remaining two groups

* Any claims for which settlement is not achieved will, however, continue to be vigorously defended

* Trial for such claims is due to commence in march 2017 Source text for Eikon: Further company coverage: (Reporting By Rachel Armstrong)

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