Royal Bank Of Scotland Share Discussion Threads

[prophet_alexandre] 16/10/2017 13:14

Indeed, so am I !
there has been no explanation as to why the numbers have been reduced so substantially. Although I doubt that the 9000 figure includes those claimants who settled earlier.

[ramco] 16/10/2017 13:13

small beans in comparison to what apparently cannot be fpund in the Pentagon alone let alone elsewhere in the states...

[chinese investor] 16/10/2017 12:42

I'm still intrigued that 27,000 members are now 9,000 members !

[prophet_alexandre] 16/10/2017 12:35

The question is are the RBoS AG LTD spending their own money to bring this lawsuit, or that of claimants, who have donated funds to bring the claim ?

[chinese investor] 16/10/2017 12:15

DAILY EXPRESS

RBS will start a legal battle in a row over how to divide a £200m payout they won from the bank

The RBoS Shareholders Action Group will face their former solicitors Signature Litigation in court later this month, barring an 11th-hour settlement. 

The small shareholders will also face Manx Capital Partners, which helped fund their lawsuit and was the lead party in the action against RBS and its former directors. 

“This is worse than the Catalan referendum,” said one small RBS shareholder, who said that they fear that it will eat into their compensation payments, rubbing salt into the wound that is the heavy losses they incurred when the bank was effectively nationalised in 2008. 

“Our view is that now that the award is agreed, there seems little point in arguing about who should finalise the claims of the members. Surely their interests should be the priority here?” 

The action group, which represents 9000 investors, originally hired Signature in 2015. 

The law firm claims that the investors struggled to get the financing they needed to take the case to court until Manx came on board to act as the major claimant in the case. 

Together, they won a £200million settlement from RBS in May over its 2008 rights issue, which they claimed misled them about the true state of its finances. 

They were the fifth and last group to settle with the bank and doing so spared notorious former RBS chief executive Fred Goodwin and other then directors from having to take the stand. 

A row has been brewing since then over how that money should be divided between the shareholders and their lawyers, advisers and financial backers. 

Signature claims that it has been acting exclusively on the instructions of Manx since March, when it claims that the action group passed on responsibility for the case to the investment firm. 

The RBoS Shareholders Action Group will face their former solicitors Signature Litigation

In a letter to the small shareholders dated September 25, it also alleged that 73million RBS shares that the action group claimed to speak for “never existed” and that as a result, the cost of the lawsuit would have to be divided between a smaller than expected group of RBS shareholders, reducing the value of their payouts. 

However, the RBS action group countered and in a letter dated September 27 claimed that it had fired Signature after it discovered that the law firm had undisclosed financial ties to the bank. It added that it had replaced the firm with Rosenblatt Solicitors. It disputes the charges and claims levied by Signature. 

Last Sunday, the action group wrote to its members to say that ahead of the court hearing, it would send all communications from Signature and Manx to them. 

It also agreed to forward all correspondence from members to them. 

The RBoS Shareholders Action Group said that it could not comment as the litigation is ongoing.

Signature Litigation and Manx were unavailable for comment.

[maxk] 16/10/2017 09:29

Spreadsheet Phil has come up with another winner...



Philip Hammond's 'tax on age' plan to save his job: take from old workers and give to the young



By Christopher Hope, Chief Political Correspondent
16 October 2017 • 7:24am




Philip Hammond is planning a Budget raid on older workers to pay for tax breaks for younger people as he battles to save his job. The Chancellor of the Exchequer is understood to be examining ways to link tax to age to promote “intergenerational fairness” in next month’s Budget.

Tax breaks would be offered to workers in their 20s and 30s, paid for by cutting reliefs for older and better off workers.

One Whitehall source said the Budget, to be unveiled on Nov 22, would be a “bold” attempt to “restack the deck for the next generation”.

The policy, already dubbed a "tax on age", will be controversial because it will target voters who are more likely to vote Conservative. The Tories' disastrous election result in June was blamed on a poorly-thought through "dementia tax".

It comes as Mr Hammond is fighting for his job amid fears that he could be the first Chancellor since Norman Lamont in 1993...


More:

[dope007] 16/10/2017 09:26

I see the Austrians have had enough of the EU now

[maxk] 16/10/2017 08:54

One colleague of Mrs May told the Financial Times: “We’ve almost run out of things to talk about. It comes down to money: by discussing the transition deal at the same time, you create a broader framework for talking about the money.”

[leedskier] 16/10/2017 08:50

In other news ...

UK inflation set to hit five-year high, raising heat on interest rates

[leedskier] 16/10/2017 08:49

Brent Oil price rising significantly this morning.

[leedskier] 16/10/2017 08:39

The closing comment on the video commentary on that link is that Madrid is set to take direct control of Catalonia.

If the story is to be believed Baghdad is about to do the same, by force of arms, the Kurdish controlled part of Iraq.

[leedskier] 16/10/2017 08:28

Is today's volatility to do with Iran, Theresa May's trip to Brussels tomorrow with "as thick as mince"?

[leedskier] 16/10/2017 08:25

272.90 -2.30 (-0.84%)

[careful] 16/10/2017 08:14

they do not say what the totals are.
household wealth was £9.5trillion last year.
that is cash, investments, pensions, cash.
but then there is corporate wealth.

they out it down to foreigners owning more uk assets and uk citizens owning fewer foreign assets.

[leedskier] 16/10/2017 08:14

273.60 -1.60 (-0.58%)

[maxk] 16/10/2017 08:08

Half a trill "gone missing"

Presumably if the vote had been stay, they'd know where it is....no?

[leedskier] 16/10/2017 08:02

FTSE 100 7,553.77 0.24%
Financials 0.66%
RBS 275.50 0.11%

[blusteradjuster] 16/10/2017 07:54

Any details on “where the wealth went”?

Can’t see anything new on the ONS website.

[leedskier] 16/10/2017 07:36

Ambrose Evans-Pritchard

15 OCTOBER 2017 • 9:30PM

Global banks and international bond strategists have been left stunned by revised ONS figures showing that Britain is £490bn poorer than had been ­assumed and no longer has any reserve of net foreign assets, depriving the country of its safety margin as Brexit talks reach a crucial juncture.

A massive write-down in the UK balance of payments data shows that Britain’s stock of wealth – the net international investment position – has collapsed from a surplus of £469bn to a net deficit of £22bn. This transforms the outlook for sterling and the gilts markets.

“Half a trillion pounds has gone missing. This is equivalent to 25pc of GDP,” said Mark Capleton, UK rates strategist at Bank of America.

[leedskier] 16/10/2017 06:25

David Buik‏
@truemagic68
European opening calls update courtesy of CMC MARKETS - FTSE +19 at 7554, DAX +21 at 13012, CAC +13 at 5364, IBEX +24 at 10,282 at 6.04am