Compensation of up to £2.4 billion ($3.7 billion) is being sought from the Royal Bank of Scotland (RBS) by a group of investors who purchased shares in the company just before the global downturn.
According to Reuters, legal action will be taken by the RBoS Shareholders Action Group on behalf of the 7,400 individuals and businesses - including churches and charities - that lost out.
An insider at RBS informed the news source it had not yet received any correspondence regarding this issue, but a legal source indicated that London law firm Bird & Bird will send a claim letter to the bank sooner rather than later.
Mike Neill, co-ordinator of the action, commented that the likes of former RBS chief Fred Goodwin are being targeted by claimants.
"We are just anxious to bring it to a court and to get Mr Goodwin and others into a witness box to ask them certain questions," he noted.
By Asim Shah