The court in the securities class action lawsuit against the Royal Bank of Scotland has named The Massachusetts Pension Reserves Investment Management Board (MassPRIM) and Mississippi Public Employees Retirement System (PERS) co-lead plaintiffs in the case, and the law firms of Cohen Milstein Sellers & Toll, Wolf Popper and Labaton Sucharow as co-lead counsel. These appointments are to represent the common stock purchasers in the lawsuit. The lawsuit alleges that the RBS falsely reassured investors the bank was well capitalized when, in fact, the bank was effectively insolvent as a result of impaired assets, bad loans and its disastrous partial acquisition of ABN AMRO.
The Court also appointed a group of investors as co-lead plaintiff on behalf of purchasers of RBS preferred shares who are represented by Girard Gibbs.
