Cleared Of Fraud Against SMEs, RBS Eases Rules For Distressed Businesses

wochit business
April 24, 2014 AT 10:10 AM
Last week, The Royal Bank of Scotland Group was cleared by law firm Clifford Chance over allegations that the U.K.-based banking group deliberately put failing small and medium enterprise customers out of business to profit from the proceedings. RBS hired the law firm after a report by an adviser to the Department for Business, Innovation and Skills – claimed last November that RBS had on several occasions forced small businesses into default so that it could transfer control of the SMEs to its Global Restructuring Group. The announcement marks yet another step by RBS towards resolving a long list of legal and operational issues on its path to privatization.