MOST of the claimants suing Royal Bank of Scotland at the High Court have indicated they are willing to settle, a judge was told yesterday.
It appeared the case brought by thousands of investors might not go ahead after the bank upped its offer — making a reported £200million available for payouts.
Jonathan Nash QC, for the claimants, said: ‘The majority have indicated their willingness to accept the latest offer. There now appears to be a good prospect that the remaining claimants, or nearly all, will confirm they will also agree in principle, so as to bring a practical end to the proceedings.’
Mr Justice Hilyard said: ‘There is obvious interest in the court seeking to facilitate a full and final settlement.’
An out-of-court deal would save RBS £700million in legal bills. It would also mean disgraced ex boss Fred Goodwin would not have to give evidence.
The dispute dates to the 2008 credit crunch, when RBS asked investors for £12billion to bolster its funds.
After answering the call, the claimants suffered as the bank’s shares fell 90 per cent and the government had to bail it out.
The court was to decide whether RBS had misled them over the health of its finances.