Papering over the cracks

he decision by RBS to dissolve its Global Restructuring Group, an arm of the bank that stands accused of destroying viable UK businesses for profit, will do little to repair the damage caused to the bank’s beleaguered reputation. By Ian Fraser

As a damage limitation exercise, it ranks alongside Rupert Murdoch’s shock closure of disgraced tabloid the News of the World in 2011. 

The Royal Bank of Scotland has told staff that its Global Restructuring Group (GRG), which stands accused of […]

Investors urged to join action against Lloyds

A SHAREHOLDER group that has filed a legal claim for compensation from Lloyds over its controversial rescue of HBOS in 2008 is pressing big institutional investors to throw their weight behind the action.
Lloyds Action Now (LAN), which represents 7,500 small shareholders, said an expected granting of a group litigation order (GLO) by the High Court this week will pave the way for more than 800,000 more to join, as well as leading institutional shareholders.
No specific amount of compensation has […]

  • lloyds2
  • lloyds

Shredded – Inside RBS, The Bank That Broke Britain

BOOK REVIEW: This brilliant book is the definitive story of the hubris behind RBS’s fall, says Bill Jamieson
Surely now we know everything there is to know about the collapse of RBS and one of the biggest financial debacles for a century? Well, not quite.
The compelling power of this book – indeed, its monumental achievement – is to provide a definitive account, not only of the failure of what was briefly one of the world’s biggest banks, but also to […]

  • broken union flag piggy bak

Shareholders 4-year wait for RBS action verdict

A VERDICT in the shareholder action against Royal Bank of Scotland is unlikely to emerge until 2017 or 2018 – a decade after the controversial rights issue at the centre of the claim.
Action groups suing the bank for billions of pounds in damages do not expect the case to come to the High Court until at least 2016 and some fear that there will be more ­delays.
Four separate groups allege RBS misled investors about its financial strength at the […]

  • lloyds to sue rbs Cartoon-for-21514
    Permalink Gallery

    Lloyds sues RBS for £420m over ‘misleading’ rights issue

Lloyds sues RBS for £420m over ‘misleading’ rights issue

Cartoon by Steve Camley
In an unprecedented move, taxpayer-backed Lloyds Banking Group is suing Government-owned Royal Bank of Scotland over the Gogarburn-based bank’s “misleading” £12 billion rights issue.
In what is seen as the first American-style class action to hit the English courts, Lloyds, which is suing RBS through nine of its pensions and investment management subsidiaries, has joined more than 40,000 individual and institutional investors already seeking redress from RBS.
Lloyds’ £420million claim takes the total for all investors suing RBS […]

  • lloyds to sue rbs Cartoon-for-21514

Rush to join multi-billion pound RBS legal actions

ANGRY shareholders in Royal Bank of Scotland have made a late rush to join legal actions over its controversial £12 billion rights issue in 2008.
The deadline for suits related to the cash call on investors expires on Wednesday and one of the main action groups has seen a trebling of institutions seeking damages.
As a result, the claim led by British legal firm Stewarts Law is now expected to raise the sum being sought through the High Court from “hundreds […]

  • rbs here to help
  • rbs-building-500x32_500-300x192
  • RBS-goodwin killip hunter
    Permalink Gallery

    May 15th Deadline for Investors joining RBS Shareholders Action Group

May 15th Deadline for Investors joining RBS Shareholders Action Group

Investors wishing to join the class action lawsuits against the Royal Bank of Scotland over its “misleading” April 2008 rights issue have until Thursday, 15 May 2014 to decide whether to proceed.

The cut-off point was laid down by the judge in the case, Mr Justice Hildyard as part of a group litigation order (see Hildyard’s judgment of 12 February).

With 12,500 members including ex-RBS and NatWest staff, retail investors and institutional investors, the RBOS Shareholders Action Group maintains that RBS and four […]

  • RBS-goodwin killip hunter

Shareholders Action Group – Thousands of staff line up to sue RBS

A third of the 12,000-plus individuals signed up to sue Royal Bank of Scotland over its allegedly “misleading” £12.3 billion rights issue are current or former members of staff at the bank.

RBS Shareholders’ Action Group, the largest of the investor groups suing RBS over the 2008 rights issue, said it processed its 4000th application from a current or former RBS member of staff last Thursday. That application is understood to have come from an Edinburgh-based risk expert.

Most of the […]

  • fred-goodwin_1356311c
  • rbs hareholder action group

Whistle Blower launches Action Group to fight RBS

Former Torex Retail boss Neil Mitchell has formed an action group and engaged litigation specialist Enyo Law with the aim of filing a multi-billion pound lawsuit against Royal Bank of Scotland.

Mr Mitchell, who uncovered a fraud at the software company and was fired for his trouble, will act as the chairman of the not for profit organisation.

He said the RBS GRG Business Action Group had been founded to “to support UK Business” in anticipation of a “multi billion claim to […]

  • Royal Bank of Scotland chief executive Ross McEwan

RBS Shareholders Action Group keen to have its day in Court

Disgraced former RBS boss Fred Goodwins’ defence will be largely funded by the taxpayer.
Royal Bank of Scotland could hand out shares to settle a £4billion lawsuit by disgruntled investors.  Some 17,000 people and 140 institutions which invested in a £12billion rights issue in 2008 are suing the bank and former directors, saying RBS gave them a rose-tinted picture of its finances.
While RBS has so far denied culpability, sources said senior lawyers on both sides had held back-channel talks about the […]

  • rbs shadow figures
    Permalink Gallery

    Former Top Execs to give evidence against RBS in High Court trial

Former Top Execs to give evidence against RBS in High Court trial

Exclusive by Ian Fraser

The investor group suing Royal Bank of Scotland in the High Court in London has recruited five former executives to act as witnesses in its £4.3 billion group litigation order against the state-rescued institution, the Sunday Herald can reveal.

The shareholder action group claims RBS misled investors over a rights issue

The former insiders who have agreed to appear for the RBoS Shareholders’ Action Group include one banker who was an RBS director for more than a decade. […]

  • rbs shadow figures