Wednesday, April 03, 2013

Ex AZ CEO McKillop's troubles

Four former RBS bosses facing £4bn legal wrangle - Business -

FRED Goodwin and three other former Royal Bank of Scotland directors were yesterday served with a £4 billion lawsuit by a powerful shareholder action group.

Named in the proceedings alongside the disgraced former chief executive are Sir Tom McKillop, Johnny Cameron and Guy Whittaker, respectively ex-chairman, investment banking head and finance director. The bank itself is also included in the action.

The proceedings relate to alleged financial misrepresentation in the bank’s controversial £12bn rights issue in April 2008. It was launched after the previous year’s ultimately disastrous £47bn takeover of Dutch bank ABN Amro by an RBS-led consortium.

McKillop is a director of UCB.

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