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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Pension funds to sue RBS for losses: report AFP - Monday, March 16 LONDON, (AFP) - - British pension funds are to sue Royal Bank of Scotland (RBS) for compensation for "massive losses" incurred when the bank had to be bailed out and the share price collapsed, it was reported Monday. ADVERTISEMENT Two local government funds claim that RBS and former chief executive Fred Goodwin "falsely reassured" investors the bank was in good health when it was "effectively insolvent" because of bad loans, The Times said. RBS is 70 percent state-owned after taking 20 billion pounds of government funds as it struggled to cope with the global financial crisis. Last month it posted Britain's biggest ever corporate loss. The Times reported that the two funds had hired Cherie Blair, the lawyer wife of former British premier Tony Blair who works under the name Cherie Booth, to file the lawsuit in a New York court. She told the paper she had agreed to take on the case because of the "massive losses inflicted on local authority pension schemes and other UK institutions who were the largest investors in RBS". Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories »

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