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. Royal Bank of Scotland / Wikipedia 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.