Royal Bank Of Scotland Share Discussion Threads

[chinese investor] 03/4/2017 10:34

"The bank’s legal costs are understood to have passed the £100m mark before the end of last year"

Of course the majority of that was defending themselves against the big boys.

They settled with the big boys last December.

[chinese investor] 03/4/2017 09:24

"Claimant costs so far exceed £20m"

Small PIs have forked out £1,500 each and so the Action Group have got a minimum of £40 million.

They do in fact have a great deal more than this because some claimants have forked out more than £15,000 !

[wattene] 03/4/2017 09:08

Anyone here registered with RBS Shareholder Action Group?

[chinese investor] 03/4/2017 08:39

RBS is set to rack up legal costs estimated at more than £125m defending a case brought by shareholders hit hard by the bank’s rights issue in 2008.

The cost, thought to be one of the highest ever for a civil action, includes at least £6.5m to defend four former RBS executives, including disgraced banker Fred Goodwin.

The case is being brought by the RBS Shareholder Action Group which represents several institutions as well as 27,000 retail shareholders including more than 4,000 RBS employees.

They are suing the bank and former management for allegedly misleading investors ahead of a £12bn fundraising in 2008.

The bank subsequently required a £45bn taxpayer rescue, eliminating most of the share value. RBS is still more than 70 per cent owned by the taxpayer.

The defendants are RBS, former chief executive Fred Goodwin, former chairman Tom McKillop, former head of corporate markets Johnny Cameron, and former group finance director Guy Whittaker.

Unless a deal between the action group and the bank is agreed, a trial to establish liability is due to start in May and expected to last 12 weeks.

Depending on the outcome, there could then be a second trial to determine the quantum of any damages due.

An interim ruling relating to the case by Mr Justice Hildyard and seen by City A.M. says: “The estimated costs of the proceedings are very considerable. The defendants’ cost alone so far exceed £100m of which some £6.5m has been incurred in relation to the claim against the directors joined as individual defendants.”

The bank’s legal costs are understood to have passed the £100m mark before the end of last year.

The ruling adds: “The defendants’ current estimate is that they will incur approximately £25m from the date of the settlement [with other shareholders last December] to the end of trial 1.”

Mr Justice Hildyard said in the ruling that the figures were “very large”.

Sources say the bank deployed three QCs and 10 additional barristers at recent pre-trial hearings.

Claimant costs so far exceed £20m.

RBS has made a settlement offer of £800m to all groups affected by 2008’s cash call, covered by existing provisions, but has made no admission of liability.

Last December, institutional investors represented by Stewarts Law and Quinn Emanuel Urquhart & Sullivan said that they would accept a settlement offer from the bank equivalent to 21p in the pound at the time of the fundraising.

However, City A.M. understands that the RBS Shareholder Action Group is holding out for a higher offer.

Talks between the bank and the group have taken place but a settlement is not believed to be imminent.

RBS declined to comment yesterday, as did the RBS Shareholder Action Group.

[polar fox] 03/4/2017 07:16

The BBC business section has a piece today about Lloyds 'shrinking' the size of hundreds of branches, in addition to their existing closure plans - "the future" and all that. Quite interesting....

[mondaytuesday] 01/4/2017 23:16

The only way is up for this stock!

[maxk] 31/3/2017 15:11

This article should give the remain snowflakes something to cry into their latte's about.






btw, I don't see leeds as a snowflake.

[avatar333] 31/3/2017 14:44

The avatar leedskier has been known to take a break now and again.

;

[cfc1] 31/3/2017 12:03

A2584728......not a chartist but the stock is held back by no definitive fine amount from DoJ in US and therefore no divi...... but I am betting on a great ending to 2017....we just need news on that fine... got to remember this stock is equ of 24p!!!!!!

[a2584728] 31/3/2017 11:02

Can we have a Chartists view of the next moves please? I hear Schroeder have selected RBS as their share of the year.

[gcom2] 31/3/2017 10:31

Johnny Rotten on why he backs Brexit, Farage and Trump on Good Morning Britain this week, worth a watch.

[cfc1] 31/3/2017 09:59

think Leeds has moved to Brussels his beloved EU centre of excellence and home of the righteous.
Still French elections getting interesting.
wonder how turkey is getting on

[bit thick] 31/3/2017 09:16

Not everybody voted on the basis of being better off. Many want sovereignty returned, and yes, some (not all) voted for control of migration at any cost. Many remainders now feel they were lied to, the sky has not fallen in, investment in the UK has continued so if they had the vote again, would now vote leave.

[avatar333] 31/3/2017 08:51

Morning.

;

[gcom2] 31/3/2017 08:10

no leedskier again

[a2584728] 30/3/2017 18:56

Where from here do we think?

[polar fox] 30/3/2017 15:33

maxk,

If you aren't already following the latest weekly poll on MSE, you may find this week's interesting - it has 13,000+ votes thus far.

Notice how the vote leavers are overwhelmingly optimistic (when the 'Roughly the same' category is taken into account). Whereas the vote remainers, on the same basis, are the opposite, and in a more pronounced way. The folk who did not vote, or weren't eligible, are voting similarly to the remainers.

My principal take, is that the June referendum split the country down the middle and this poll suggests that very little has changed since then. Broadly speaking, folk remain polarized.

Quote

Will your finances be better or worse in two years, after Brexit? 28 March 2017

MoneySaving Poll Results

It’s Article 50 week. On Wednesday 29 March the Prime Minister will trigger the start of the Brexit process.

If all runs as it should, in two years the UK will no longer be part of the European Union.

So forget the economy, let’s go personal, how do you feel your finances will be in two years' time compared to now?

Results

I voted leave (5333 votes)
Much better off 452 votes (8%)
Better off 998 votes (19%)
Slightly better off 809 votes (15%)
Roughly the same 2157 votes (40%)
Slightly worse off 534 votes (10%)
Worse off 263 votes (5%)
Much worse off 120 votes (2%)

I voted remain (7337 votes)
Much better off 94 votes (1%)
Better off 185 votes (3%)
Slightly better off 180 votes (2%)
Roughly the same 902 votes (12%)
Slightly worse off 1342 votes (18%)
Worse off 3236 votes (44%)
Much worse off 1397 votes (19%)

I didn’t vote / wasn’t eligible to vote (582 votes)
Much better off 15 votes (3%)
Better off 28 votes (5%)
Slightly better off 33 votes (6%)
Roughly the same 124 votes (21%)
Slightly worse off 90 votes (15%)
Worse off 173 votes (30%)
Much worse off 119 votes (20%)

13,252 votes received.
Unquote

Anyone can vote. The poll is probably open until Monday.

[maxk] 30/3/2017 12:27

No, this is the set the world right thread, with added value from leeds.



The wee foghorn has problems ... and it's in the Graun, so it must be true.

[wattene] 30/3/2017 10:21

Is this the RBS thread?

[gcom2] 30/3/2017 08:54

Morning. He was vital to the getting gulf war v2 through and remove the republican guard.
Resposible for the death of millions across irag and syria- yet his net worth £70million.
How does that work ?