RBS: holding to account?

Could the disgraced former bosses at RBS see a day in court?

More than 7,000 people who are getting together to try to sue them certainly hope so.

The legal claim comes from angry investors in the taxpayer bailed out bank Credit: Reuters

A group of shareholders, including many former staff from the bank, are delivering a 'letter of claim' to try to start a process that could lead to payouts estimated at up to £3 billion because of losses at the bank when it nearly collapsed in 2008.

Individual directors including the now Mr Fred Goodwin could end up being held financially responsible for what went wrong Credit: Reuters

The claim centres on a rights issue, when management appealed to the shareholders to put more money into the business, in April 2008.

The contention from those seeking to sue is that management at the time failed to give a full enough financial picture of what was actually going on at the bank.

The Financial Services Authority's mammoth report into RBS earlier this year did criticise the managers, particularly Mr Goodwin, but they did not conclude that there was need for further action.

And a previous attempt at a civil case was abandoned.

RBS itself says it will defend itself vigorously.

But for 7,000 shareholders, and around 80 institutional investors, the legal story may not be over.