US/UK - Royal Bank of Scotland has won a court ruling which dismissed a class action by two US pension funds claiming they suffered "massive" losses during the financial crisis.
At the hearing in New York, US District Judge Deborah Batts ruled claims arising from sales of the bank's ordinary shares bought by Massachusetts Pension Reserves Investment Management Board and the Public Employees' Retirement System of Mississippi were invalid because the securities are not traded on US exchanges.
Her decision follows a ruling made last year by the US Supreme Court in Morrison v. National Australia Bank, which limited the reach of US securities laws and the ability to sue foreign banks in the country.
The decision still leaves open a claim by The Freeman Group, the lead plaintiff for investors who took part in the $5.3bn sale of RBS preferred shares in 2006 and 2007. The bank suffered record losses the next year and required a government bailout totalling £45.5bn. It is now the UK's biggest government-owned bank.
A spokesman for the bank said: "RBS welcomes Judge Batts' decision to dismiss these claims. "We will continue to defend the remaining claims vigorously."
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