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Pension funds consider suing RBS Pension funds consider suing RBS
(21 minutes later)
One of Scotland's largest pension funds has not ruled out suing the Royal Bank of Scotland (RBS) for compensation.One of Scotland's largest pension funds has not ruled out suing the Royal Bank of Scotland (RBS) for compensation.
Strathclyde Pension Fund (SPF) said it was adopting a 'wait and see' approach to legal action in the US being taken by two council schemes in England.Strathclyde Pension Fund (SPF) said it was adopting a 'wait and see' approach to legal action in the US being taken by two council schemes in England.
Those funds accuse RBS of withholding the true extent of the bank's problems before a government bailout last year.Those funds accuse RBS of withholding the true extent of the bank's problems before a government bailout last year.
Falkirk's pension fund has also confirmed it has not ruled out taking part in legal action against the bank.Falkirk's pension fund has also confirmed it has not ruled out taking part in legal action against the bank.
The Strathclyde fund has more than 180,000 members.The Strathclyde fund has more than 180,000 members.
These are drawn from Strathclyde Police, Strathclyde Fire and Rescue and 12 councils across the west of Scotland that were formerly part of a two-tier local authority structure within the Strathclyde area.These are drawn from Strathclyde Police, Strathclyde Fire and Rescue and 12 councils across the west of Scotland that were formerly part of a two-tier local authority structure within the Strathclyde area.
A spokesman for Strathclyde Pension Fund told BBC Scotland that it was not "one of the named plaintiffs" in the action being taken by the Merseyside and North Yorkshire funds.A spokesman for Strathclyde Pension Fund told BBC Scotland that it was not "one of the named plaintiffs" in the action being taken by the Merseyside and North Yorkshire funds.
"We may end up being part of it but for now we will wait and see what happens," he said."We may end up being part of it but for now we will wait and see what happens," he said.
Share collapseShare collapse
The Falkirk pension fund, which includes members of neighbouring Stirling and Clackmannanshire Councils, is understood to have nearly six million RBS shares. The Falkirk pension fund, which includes members of neighbouring Stirling and Clackmannanshire Councils and the Scottish Environment Protection Agency, is understood to have nearly six million RBS shares.
A spokeswoman for Falkirk Council said: "If the class action is approved by the US court then the Falkirk fund is looking to submit a claim as part of a class action."
RBS gained an extra £12bn from shareholders following the conclusion of a successful share issue in June of last year.RBS gained an extra £12bn from shareholders following the conclusion of a successful share issue in June of last year.
Five months later, it accepted a £20bn rescue package from the government in exchange for a 58% stake in the bank, which was subsequently increased to 68%.Five months later, it accepted a £20bn rescue package from the government in exchange for a 58% stake in the bank, which was subsequently increased to 68%.
The then RBS bosses, led by Sir Fred Goodwin, have subsequently stood down from the bank.The then RBS bosses, led by Sir Fred Goodwin, have subsequently stood down from the bank.
At the same time, the firm's share price has collapsed, down from 243p immediately after the June share issue to the current 22.5p.At the same time, the firm's share price has collapsed, down from 243p immediately after the June share issue to the current 22.5p.