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Can RBS shareholders sue the goverment?
Under section 994 of the companies act 2006, surely it could be argued that UKFI (embodying the goverment), is forcing the bord to act prejudicely against the other shareholders.
ok, firstly, the purpose would not be to cost the goverment money or get compensation but to stop the goverment destroying shareholder value for political reasons. Secondly the other cases you mention are not concerned with the legal protection of minority shareholder, that is the reason s994 exists, to protect minority shareholders.
3 Answers
- Old CynicLv 71 decade agoFavorite Answer
I doubt it would get them anywhere. To suggest that the government/taxpayer should have no say in the running of RBS, even though we own a 70% (soon to be 84%) share is ridiculous. Some disgruntled shareholders in Northern Rock tried going to court arguing that the price they were compensated for their shares was not enough. The case was lost.
Since you and I own 70% of RBS, is it beneficial to you and I to pay out £1.5bn in bonuses to investment bankers who brought the bank to the brink of ruin?
- Anonymous1 decade ago
10 Oct 2009 ... Shareholders in the Royal Bank of Scotland decide to take legal ... in the wake of the Lehman Brothers collapse and the government rescue,
- 1 decade ago
yea sue the government! that's going to help, make them poorer and make our taxes increase even more. nice one. You're one of those people that sues the NHS for tripping over then complains when they haven't got the funding for a life saving machine.
What happened for just taking responsibility, you put your money there, accept the consequences, that is the fundamental rule of investment. If you don't want to lose your money, keep it in a box at home.