RBS to be hit with £1bn small firm’s lawsuit
More than 100 small businesses will launch a £1bn lawsuit against Royal Bank of Scotland over allegations that they were mistreated by its turnaround division.
It is claimed that the taxpayer owned bank profited after companies were pushed into administration by its global restructuring group (GRG).
Almost 70% of companies involved in the case claim that RBS put unrealistically low valuations on their businesses and assets once they were placed in GRG.
More than 90% have accused the RBS of applying excessive charges that put their business in jeopardy.