Royal Bank of Scotland PLC (NYSE: RBS)
Class Action Lawsuit
CASE UPDATE: Girard Gibbs Appointed Co-Lead Counsel
On May 6, 2009, Honorable Deborah A. Batts of the Southern District of New York issued an order consolidating ten related class action lawsuits filed on behalf of Royal Bank of Scotland investors and appointing the Freeman Group as Co-Lead Plaintiff on behalf of a putative class of investors who held Non-cumulative Dollar Preference Shares (Preferred Share Group). The Court also approved the Freeman Group’s selection of Girard Gibbs LLP to serve as Lead Counsel for the Preferred Share Group. The Freeman Group consists of individuals who held preferred shares from each of Series Q, R, S, and T offerings. The consolidated class action lawsuit alleges violations of the Securities Act of 1933 and the Exchange Act of 1934.
Click here to view the Order Appointing Girard Gibbs as Lead Counsel
Class Action Lawsuits Filed
In January 2009, Girard Gibbs filed class action lawsuits on behalf of purchasers of The Royal Bank of Scotland Group plc ("RBS") (NYSE:RBS) Series S and T American Depositary Shares ("ADSs") pursuant to false and misleading registration statement, prospectus and prospectus supplements issued in connection with the initial public offerings (also referred to as "Non-cumulative Dollar Preference Shares"). The complaints allege that defendants consummated RBS’s offerings pursuant to a false and misleading Registration Statement, selling 58 million Non-cumulative Dollar Preference Shares, Series T (“Series T ADSs”) and 38 million Non-cumulative Dollar Preference Shares, Series S (“Series S ADSs”)at $25 per share, for proceeds of approximately $1.45 billion and $950 million respectively. RBS ultimately announced multi-billion pound impairment charges associated with its exposure to debt securities, including mortgage-related securities tied to the U.S. real estate markets, causing the price of RBS’s Series S and T ADSs issued in the Offerings to decline. The ADSs now trade at less than $6 per share.
Why Girard Gibbs LLP?
Girard Gibbs is a national litigation firm specializing in securities litigation, consumer class actions and complex business litigation. Girard Gibbs' managing partner Daniel Girard was voted one of Northern California's Super Lawyers in 2007, 2008, and 2009 by Law & Politics, recognizing him as one of the top 5-percent of attorneys practicing in Northern California.
