RBS shareholders could sue Sir Fred

He is one of several former directors being targeted in a £9 billion lawsuit being planned by an action group working on behalf of thousands of private shareholders left out of pocket by the bank's near collapse.

Investors - some of whom claimed to have lost more than £20,000 - believe they were "misled" about the health of the bank, now 70% owned by the taxpayer, when they were asked to invest money in April last year.

Roger Lawson, of RBS Shareholders Group, said: "All the directors on the board at the time of the buyout will be targeted by this action."

In a meeting in central London, Mr Lawson said he was seeking advice from a legal team and called for members of the action group to contribute money towards the claim.

One investor, who did not want to be named but claimed she had lost "tens of thousands", said afterwards: "This is not just about getting our money back, this is about sending a message to Sir Fred. It's an utter disgrace he wasn't sacked."

The meeting came after investors at nationalised Bradford & Bingley accused the Government of "legalised theft" as they were told they may not receive news of any payouts until next summer.

Peter Clokey, who will receive up to £4.8 million to calculate a compensation package from the Government, told shareholders it would take up to a year to produce his results. But he said he did not want to "set any hares running" by predicting its final value.

Shareholders from both banks believe they have been left out of pocket by the bailouts at the peak of the crisis. RBS is now 70% owned by the taxpayer following a Government bailout a year ago and lost a UK record £24.1 billion in 2008.

The RBS action group's potential claim will focus on "significant errors and omissions" made at the time of its £12 billion rights issue in April last year, six months before the crisis.