'Fred the Shred' faces £4bn RBS writ
DISGRACED Fred Goodwin faces having to defend his Royal Bank of Scotland reign in court after being named in a £4billion lawsuit.
The former CEO, 54, dubbed Fred the Shred but stripped of his knighthood, was cited in a High Court writ issued by 12,000 shareholders.
Directors will have to answer for their actions in a British court.
The claimants have accused the bank and its former directors of misleading them when they bought shares worth £12billion shortly before its collapse.
Also cited are former chairman Tom McKillop, investment chief Johnny Cameron and finance director Guy Whittaker.
The Shareholder Action Group said: “Directors will have to answer for their actions in a British court.”
The lawsuit could hand the bank another bill as it is normal practice for companies to take responsibility for actions brought against former executives.