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Royal Bank Scotland Settles $1.2 Million Lawsuit
The Royal Bank of Scotland plc together with NatWest and Ulster Bank provides banking facilities throughout the UK and Ireland. The Royal Bank of Scotland has around 700 branches, mainly in Scotland though there are branches in many larger towns and cities throughout England and Wales.
According to its London lawsuit the Edinburgh-based bank, the Royal Bank of Scotland Group Plc settled lawsuits with Gary Cottle, the former head of risk at its investment banking division, over a 700,000-pound bonus. That is a $1.2 million denomination. Gary Cottle was a board member at RBS’s investment bank and global head of sales for corporate and government clients. His career includes time at Morgan Stanley and also with Barclays Plc. The former risk officer who fell out argued that he fell out of favor with RBS is now head of global markets for Europe at Nomura Holdings Inc.
Sarah Small, a spokeswoman for Royal Bank of Scotland Group Plc reported that, “The parties have resolved their differences,” according to Bloomberg News.
In November, U.K. Chancellor of the Exchequer George Osborne said the government would separate the Royal Bank of Scotland’s toxic assets in an internal “bad bank” as it seeks an exit for its 81 percent stake. The financial institution has made five consecutive years of annual losses. The former risk officer, Gary Cottle, who also sued RBS, declined to comment on the settlement.
Image Credit: www.telegraph.co.ukRoyal Bank Scotland Settles $1.2 Million Lawsuit by Jaan