| Updated:
Airmiles tycoon to sue Coutts
Airmiles founder Sir Keith Mills has formally launched a legal action seeking compensation from the Queen’s bankers Coutts over investments made in products offered by troubled insurer AIG.
The case raises the prospect of the Royal Bank of Scotland owned bank paying out millions of pounds in compensation to Mills and other wealthy clients following the bank’s advice to deposit savings in AIG Life Premier Bonds. Following AIG’s financial problems investors have faced half of their investments frozen for two and a half years, with only face value guaranteed.