Concern as RBS payoff is stalled

THE RBS Shareholder Action Group is facing demands for a Government probe into its activities amid claims investors are yet to receive their share of a £200m payout.

The group was set up to win compensation for 27,000 investors who claimed they were misled into buying shares in the bailed-out bank during the financial crisis.

Before RBS settled the lawsuit in June with a £200m payout, management of the litigation was handed to Manx Capital – an investment vehicle controlled by Trevor Hemmings, the owner of Preston North End Football Club.

Investors had been told to expect around £100m but Signature Litigation – the lawyers acting for Manx Capital – now say they do not know how much will be left after costs.

Bob Neill, chairman of the Justice Select Committee, has asked Justice Secretary David Gauke to look into the investor group.