Pension funds sue RBS

Two local authority pension funds are taking legal action against the Royal Bank of Scotland Group to seek compensation for losses on investments they made with the bank. The Merseyside and North Yorkshire pension funds are accusing RBS of not being upfront about the severity of its difficulties before the government stepped in to bail it out. The legal action has been launched in the US and Cherie Booth QC has been hired to fight the class action against RBS.