Royal Bank Of Scotland Share Discussion Threads

[chinese investor] 21/4/2018 11:58

m1,
But that should not hold us up.
Anyway I think the Action Group suing Signature will fizzle out - it is not in the Action Group's interest to upset Signature.

[m1k3y1] 21/4/2018 11:20

Another hearing in October !!!

[chinese investor] 21/4/2018 10:04

Lastly the "Late Claimants" have abandoned their claim (they couldn't get a solicitor) !

[chinese investor] 21/4/2018 09:32

The Settlement Pot was £200 million.
We settled for 82p per share (before costs).

We were expected to own 244,000,000 shares.
Now we are told there are 90,000,000 shares less.
i.e. 154,000,000 genuine shares.

So the new Pot is £126 million.
So we are still getting 82p per share (before costs which are now to be shared among less claimants).

This Is In My Opinion But Do Your Own Research.

[chinese investor] 21/4/2018 08:39

They still refer to the "£200 million" settlement but because of the phantom shares it's going to be less.

[chinese investor] 21/4/2018 08:20

"THE COMPANY that set up the RBOS Shareholders Action Group has been ordered by a judge to hand over documents relating to the cost of bringing a £200 million case against Royal Bank of Scotland.

During a High Court hearing regarding the matter earlier this week, Mr Justice Hildyard criticised that stance, noting that as Evalusafety is “claiming many millions of pounds in respect of services of which I’m personally unclear as to their nature” it would not be “proper” to keep the details from “the public eye”.

“One way or the other, it seems most unlikely that there’s any justification for not making them available, especially since the RBS litigation itself was a matter of some public interest and the disposal of the proceeds is bound to be a matter of interest if it’s not going to the investors whom RBS thought it was compensating,” he said.

Calling it a “cat’s cradle of a case”, Mr Justice Hildyard yesterday ordered the company to hand the paperwork over to an independent lawyer, who will determine whether the information is in fact privileged.

If it is not, it will be passed to Signature Litigation, the law firm acting for the roughly 7,000 claimants in whose name the £200m settlement was made.

Signature Litigation is responsible for calculating the full cost of the action against RBS and deducting that from the £200m to arrive at the final sum that will be shared among the shareholders.

It has refused to pay the money being claimed by Evalusafety until it sees proof that it was legitimately incurred.

Even if the independent lawyer does pass the information on Evalusafety onto Signature Litigation it will be some time before investors receive their full share of the settlement.

This is because a litigation funder and a company that helped recruit members for the action group are both suing in a bid to recover fees they say they are owed from the £200m settlement.

Meanwhile, a hearing regarding whether the RBOS Shareholders Action Group company has the right to challenge Signature Litigation’s fees has been scheduled for October."

[cfc1] 20/4/2018 16:59

lets just be honest....just em out!!!!

[leedskier] 20/4/2018 15:41

Back to my 'it makes one proud to be British ... Not!' rant of the week ... breaking story in the Guardian, which if true, could be rather embarrassing for May & terminal for Rudd.


The four-page document, obtained exclusively by the Guardian, reveals Rudd promised the prime minister she would oversee the forced or voluntary departure of 10% more people than May managed when she was home secretary, partly by switching money for crime-fighting to her immigration enforcement programme. Her goal implied she wanted to throw out an extra 4,000 illegal migrants every year.



Add even the Tories are sharpening the knives and this is before the Guardian story ...

[smurfy2001] 20/4/2018 13:54

Praying for 300p

----

2 Mar '18 - 14:56 - 150353 of 150670 Edit
Added to my ISA holding 5575 shares averaging 275.

[leedskier] 19/4/2018 12:59

I should have read this Evening Standard article posted 33 minutes ago, first. It appears the majority of the Cabinet have already moved to quash Theresa May's immigration policy.

[leedskier] 19/4/2018 09:01

$100 Oil Is Back On The Table



The price of nickel is rising too, reports the Guardian, because of Russian sanctions.

[leedskier] 19/4/2018 08:55

These legacy department stores hanging on for grim death, remind me of Lewis's. Once a giant in department store retailing.

[leedskier] 19/4/2018 08:49

Press Association
19 APRIL 2018 • 7:42AM
Debenhams has reported an 84.6pc drop in pre-tax profits to £13.5m for the 26 weeks to March 3.

[leedskier] 19/4/2018 06:43

Re my comment about increasing tax, the lead story on this morning's Conservative Home ...


A tax rise to better fund the NHS is gaining Conservative support

[leedskier] 19/4/2018 06:02

Further to my post a couple mornings ago, Amber Rudd and 'fingertips' are now synonymous.

I have quite a liking for her and I am sure she has a 'soft centre' unlike some of the women who have held the reigns at the Home Office, but Theresa May could be forced to make a sacrificial offering. As Jeremy Thorpe famously commented about MacMillan ...

'Greater love hath no man than this, that he lay down his friends for his life'.

[polar fox] 18/4/2018 20:46

For info, LLOY goes XD tomorrow - 2.05p Final. UBS have been busy with the buyback for 28 trading days. They've bought around 176m to date, at a cost of about £117m, not counting any of the related overhead, such as stamp duty, brokerage, whatever. Could be a bit frantic early on, I suspect.

[leedskier] 18/4/2018 18:06

IBM sinks the DJI

[leedskier] 18/4/2018 16:05

FTSE100 reacts very positively to fall in inflation.

[m1k3y1] 18/4/2018 13:13

Thanks CI , much appreciated.
Agree with you also Bar
GLA

[barmiddleton] 18/4/2018 12:43

Thanks CI, interesting read, but it only serves to confirm that we are really no further forward yet, we can only hope and pray that the judge sees through the transparency and duplicity of the Action Group and rules in favour of Manx and Signature. Look forward to further updates!

[chinese investor] 18/4/2018 09:40

"In a High Court hearing today lawyers said that a businessman at the centre of a group involved in a £200m claim against the Royal Bank of Scotland (RBS) had been described as a fraudster in two previous court cases.

Lawyers acting for former RBS shareholders instructed by Manx Capital Partners said that it was a matter of record that two courts had described a businessman at the heart of the case as a fraudster.

Gerard Walsh is described by lawyers for Manx as a “prime mover” behind the RBOS Shareholder Action Group.

Walsh is claiming £3.5m from the settlement, on top of the £80 per hour in consultancy fees that he has charged for his work on the case since March 2009.

Manx Capital, one of the major claimants, is now acting as the delegated manager of the claims against RBS.

In court today lawyers instructed by Manx said that Walsh had been described as a fraudster in an Irish High Court case in 1997 and in a Royal Court of Jersey case in 2014.

A barrister acting for the Action Group responded by saying that Walsh had not been a party to the proceedings in Jersey and had not been asked to give evidence in the case.

Lawyers for the Action Group also said that Signature Litigation, the law firm instructed by Manx, had changed its terms part way through the case, increasing the amount it would receive in success fees.

Many shareholders have still not received a penny from the settlement as the two sides wrangle over how the money will be disbursed.

Barristers for both sides told the court that they were close to coming to an agreement on a method by which documents held by the Action Group could be shared with Manx so that Manx could begin to pay money to the shareholder group.

Mr Justice Hildyard who was presiding said that he would give his judgment this week regarding the next step in the dispute.

The Action Group said it is trying to protect shareholders from what it described as Signature Litigation’s high fees, while lawyers instructed by Manx argued that it was not prepared to hand over money to the Action Group unless it could all be properly accounted for."

[chinese investor] 18/4/2018 09:30

"WHEN Royal Bank of Scotland last June agreed a £200 million settlement to a shareholder dispute that had rumbled on for four years it appeared that the matter had finally been put to bed.

Having raised £12 billion during a cash call in 2008, the bank was later hit with legal action from five separate claims groups, all of which alleged that investors had been duped into pumping cash into the later bailed-out bank.

The bank, which did not admit liability, settled with four of the groups in December 2016, but the majority of claimants that were originally grouped together in the RBOS Shareholders Action Group chose to fight on until the matter reached the steps of the court.

Their tenacity was rewarded, with those settling in June doing so for 82p per share while those that had settled earlier received just 41p.

The problem is that almost a year on just £25m of the settlement has been paid out to the RBOS Shareholders Action Group claimants, with continued legal wrangling meaning it could be some years before final payments are made.

The latest action took place in London’s High Court this week, when Manx Capital Partners, which took over management of the claims from the action group last year, asked Mr Justice Hildyard to order the group to hand over the documents it holds in relation to the case.

Manx - an RBS shareholder that provided a portion of the funding for the case against the bank and will also receive a share of the settlement – argued that without these documents it will be impossible for individual claims to be fully processed.

As is normal in group actions, the cost of bringing the action against RBS is being met out of the £200m settlement made by the bank.

However, London firm Signature Litigation, which acts for the claimants, has queried a £20m fee that the action group has said is due to a business called Evalusafety, which was established in 2013 and has an unknown link to the group itself.

It is understood that the sum is a success fee related to the £200m settlement, but Signature has refused to hand over the money for the fee until it has detailed proof that it was reasonably incurred.

Even if Mr Justice Hildyard does compel the action group to hand over its records, Signature would not be able to immediately calculate what each shareholder should be entitled to.

This is because some other costs incurred while putting the claim against the bank together are currently being disputed in court.

Litigation funder Vannin Capital has taken action in a bid to recover nearly £15m it alleges it is entitled to under the terms of a funding agreement put in place in 2013.

Vange Consulting, meanwhile, has launched legal proceedings in order to recoup around £1m in fees it claims it is owed for helping to recruit institutional investors to the action group.

At the same time, the action group has mounted a challenge to the fees Signature is charging for representing the individual shareholders.

As the group handed responsibility for managing the claims to Manx prior to the settlement being reached it may not have the right to challenge these costs, but if the court rules that it does then it is likely that a detailed costs assessment would follow.

That could take between two and three years to complete.

Under the terms of a court order issued by Mr Justice Hildyard last October, the action group cannot meet the cost of bringing or defending any of these actions out of RBS’s £200m settlement.

The RBOS Shareholder Action Group has taken out a series of loans with a British Virgin Islands-listed business Opis Asset Holding in order to meet its ongoing costs.

It is believed that those loans have been secured against Evalusafety’s as-yet unpaid £20m fee.

In the meantime, the shareholders in whose name the £200m was won are beginning to lose faith that they will ever receive their full share of the cash.

One, who paid over £3,500 for 1,400 rights issue shares and should be entitled to over £500, said he does not believe he will see that money.

“This has been ongoing for many moons and I am doubtful of obtaining anything at all,” he said."