RBS, S&P face lawsuit in Netherlands
A lawsuit has been filed against Royal Bank of Scotland (RBS) and Standard & Poor’s (S&P) in the Netherlands by 16 investors over investment losses during the financial crisis.
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The institutional investors, from Germany, Austria and Switzerland, allege that they lost investment in a complex derivative product sold by RBS’s ABN Amro unit and rated at AAA by S&P. The product lost its value by as much as 90% during the crisis, Bloomberg News reports.
The investors are seeking about $250 million.
The lawsuit was filed in the District Court of Amsterdam on December 4, according to Bloomberg News.