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RBS Class Action

RBS Class Action

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Published by: rscribed on Jan 12, 2011
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11/22/2012

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UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORK
 IN RE ROYAL BANK OF SCOTLAND GROUPPLC SECURITIES LITIGATION09 Civ. 300 (DAB)
 CONSOLIDATED COMPLAINT
 
 i
TABLE OF CONTENTS
PageI. NATURE OF THE ACTION.............................................................................................1II. OVERVIEW OF THE SEPARATE CLAIMS...................................................................8A. Ordinary Share Exchange Act Claims....................................................................8B. Preferred Share Securities Act Claims....................................................................8C. Exchange Offer Securities Act Claims...................................................................9D. Rights Issue Securities Act Claims.........................................................................9III. JURISDICTION AND VENUE.........................................................................................9A. Jurisdiction Over Ordinary Share Claims...............................................................9B. Jurisdiction Over Preferred Share Claims.............................................................12C. Venue....................................................................................................................12IV. THE PARTIES..................................................................................................................12A. Lead Plaintiffs.......................................................................................................121. Massachusetts Pension Reserves Investment Management Board...........132. Public Employees’ Retirement System of Mississippi.............................133. The Freeman Group..................................................................................13B. Defendants............................................................................................................141. Defendant RBS.........................................................................................142. The Individual Defendants—All Claims..................................................163. Individual Defendants—Exchange Offer and Preferred Share Offerings194. Individual Defendants—Exchange Offer Only........................................215. Preferred Share Offerings Underwriter Defendants.................................216. Rights Issue Underwriter Defendants.......................................................24C. Definitions Used in the Complaint for Groups of Defendants.............................26
 
 ii1. The Exchange Act Defendants..................................................................262. Preferred Share Offerings Defendants......................................................263. Exchange Offer Defendants......................................................................274. Rights Issue Defendants............................................................................27V. CLASS ACTION ALLEGATIONS APPLICABLE TO ALL CLAIMS.........................27VI. FACTUAL BACKGROUND AND SUBSTANTIVE ALLEGATIONSRELATING TO EXCHANGE ACT CLAIMS................................................................29A. Goodwin’s Central Role in Defendants’ Fraud....................................................29B. The Mortgage Industry and How Mortgage Securitization Works......................34C. Contrary to Defendants’ Statements, RBS Had Exposure To Billions of Dollars in Materially Overvalued Subprime Assets.............................................371. Defendants Repeatedly Deny the Extent to Which RBS Had Exposure toSubprime Assets........................................................................................392. Market Indicators Establish the Need to Substantially Write DownSubprime Assets........................................................................................413. Defendants Knew that RBS’s Subprime Assets Were MateriallyOvervalued................................................................................................454. Defendants Continued to Significantly Understate the Magnitude of RBS’s Subprime Exposure.......................................................................475. U.S. Authorities Investigate RBS’s Subprime Exposure..........................51D. RBS’s Acquisition of ABN AMRO Compounds the Company’s SubprimeProblems...............................................................................................................52E. RBS Fails to Timely Impact Billions of Pounds of Goodwill Attributableto the ABN AMRO Acquisition...........................................................................54F. RBS Raises Capital In a Desperate Attempt to Shore Up Its MountingSubprime Losses...................................................................................................59G. RBS’s Subprime Assets Lead to the Company’s Partial Nationalization.............60H. RBS Projects £28 Billion Loss Tied to Subprime Exposure and GoodwillImpairment............................................................................................................61I. Post-Class Period Revelations..............................................................................64

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