LONDON – Fred Goodwin, the former CEO of Royal Bank of Scotland, will likely avoid cross-examination in court after a group representing investors and former employees agreed to settle its dispute with the bank.
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Former RBS CEO Fred Goodwin looks set to avoid a big day in court
Investors are suing the bank and former RBS executives after they invested in the bank during its £12 billion rights issue in 2008 and lost most of their money.
RBS former Chairman Tom McKillop (L) and ex-CEO Fred Goodwin arrive for the RBS shareholders meeting in Edinburgh, Scotland November 20, 2008.
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The bank, which is still majority state-owned, doubled a settlement offer earlier this month, proposing an 82 pence-per-share settlement to the claimants, or around £200 million in total. This is more than double a previous offer of 40p-per-share.
The case was due to be heard in court on May 22, and last 14 weeks, but was adjourned three times until June 7, to give more time for last-ditch settlement talks.
The judge presiding over the case, Mr Justice Hildyard, said it was "an exceptional case with exceptional logistical problems," according to a report by BBC News.
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"We must have certainty one way or the other. The court must know whether the matter is to proceed or not."
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