A group of 16 investors has launched legal action in the Netherlands against Royal Bank of Scotland (RBS) and credit rating agency Standard & Poor’s, holding them responsible for major losses incurred during the credit crisis.
The institutional investors from Germany, Austria and Switzerland, are demanding a total of €250m in compensation, news agency Bloomberg said.
Their identities have not been made public, but the complex investment products they invested in lost up to 90% of their value during the crisis, Bloomberg said.
The products were sold by ABN Amro’s international arm, which was then in the hands of RBS. Standard and Poor’s gave the products the highest rating of AAA.
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