European investors are taking joint action in suing The Royal Bank of Scotland (RBS) and Rating Agency Standard & Poor’s (S&P) in The Netherlands for damages suffered on investments in complex financial products known as CPDOs. This landmark case is the first group action of its kind in Europe for damages brought against a major investment bank and a ratings agency for conduct in the years leading up to the financial crisis. The group alleges that S&P negligently assigned the highest AAA rating to CPDOs, while heavily relying on misinformation supplied by RBS, the legal successor of the Dutch bank ABN Amro.
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