Plaintiff Seeks Lead Status In Subprime Suit V. RBS

Plaintiff Seeks Lead Status In Subprime Suit V. RBS - 3/16/2009

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Plaintiff Seeks Lead Status In Subprime Suit V. RBS
Morgan Bettex

Securities Law 360. March 16, 2009
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EXCERPT: An investor in stock offered by the Royal Bank of Scotland Group PLC has asked a federal court to appoint him lead plaintiff in a class action related to the bank's subprime mortgage market exposure, arguing that his suit should not be consolidated with similar suits because it contains more specific allegations brought on behalf of a specific group of investors. In a motion filed Friday in the U.S. District Court for the Southern District of New York, Gary Kosseff asked the court to appoint him lead plaintiff of a class of all purchasers of RBS Series “Q” 6.75 percent preferred stock pursuant to the company's public offering on May 18, 2006, and approve his selection of Murray Frank & Sailer LLP as lead counsel. Kosseff seeks lead plaintiff status in his suit alleging the U.K. clearing bank, its executives and underwriters misled investors about the bank's exposure to the subprime mortgage market. Other investors have bid to consolidate his case with eight similar actions recently filed against RBS. Although the cases involve different series of shares of stock issued by the bank, they all make substantively similar allegations that RBS violated sections of the Securities Act of 1933, according to court documents. Kosseff filed the motion pursuant to the court's Feb. 26 order for the attorneys in the related cases to confer and inform how they propose to proceed to resolve the cases in a just, speedy and inexpensive manner. But the plaintiffs' counsel were unable to reach a consensus regarding the future of the suits, according to court documents. In addition to Kosseff's motion to be appointed lead plaintiff, eight other plaintiff groups from eight similar cases filed lead plaintiff motions Friday, and several also asked the court to consolidate the nine cases.

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