Opinion ID: 2793871
Heading Depth: 4
Heading Rank: 3

Heading: February 28, 2008 Statements

Text: Plaintiffs allege that RBS failed to disclose $66 billion in assets in its 2007 Annual Results. Plaintiffs allege that RBS later corrected the 2007 numbers in Appendix II to its 2008 Annual Report, which issued one year later.3 Our review of the record reveals that the 2007 Annual Results did not omit assets and that Appendix II does not correct any misstatement of the 2007 numbers. (Compare App. at 480 (disclosing 2007 results including £2,581 high grade CDOs, 2 ʺMonoline exposures relate to credit protection purchased on credit assets, including CDOs.ʺ App. at 559. 3 The SCAC converts £ to $ without providing a conversion rate or any additional information. For consistency and ease of understanding, we use the £ values indicated in the record. ‐ 17 ‐ £1,253 mezzanine CDOs, £1,292 sub‐prime trading inventory, £8,698 leveraged finance, £2,233 Alt‐A, and £1,386 CLOs), and App. at 559 (£2,547 monoline exposures), with Supp. App. at 40‐41 (disclosing 2007 results including £2,581 high grade CDOs, £1,253 mezzanine CDOs, £1,292 sub‐prime trading inventory, £2,233 Alt‐A, £1,386 CLOs, and £2,547 monoline exposures), and Supp. App. at 54 (explaining that ʺ[l]everaged finance as disclosed above for [2007 results] has been aligned with definitions used in 2008 in terms of industry classification and is additionally £76 million higher than previously publishedʺ)). Thus, with the exception of leveraged finance, which RBS has explained was adjusted in accordance with 2008 definitions, Appendix II does not revise or correct the February 28 disclosure.