Royal Bank Of Scotland Share Discussion Threads

[sharesoc] 10/11/2018 16:35

ShareSoc-UKSA Resolution for the RBS 2019 AGM

[polar fox] 08/11/2018 17:13

The high was 253.60 today, the highest since the end of September. Same with Lloyds. BRINO looks like it's coming down the track and the banks are encouraged.

[tfergi] 08/11/2018 10:56

DOW did well - FTSE flat.Watch the FTSE collapse when the DOW falls.....

[polar fox] 07/11/2018 20:23

After all we went through with the DoJ last year and this, Orangeman has lost no time in effectively firing Jeff Sessions as AG, effective immediately. Everyone knew the threat was out there, of course, waiting only for the votes to be counted. Sessions is being replaced by his Chief of Staff.

With Rachel Brand long gone to Walmart, this just leaves Rod Rosenstein as Deputy AG, overseeing the Mueller investigation, among other things. For how long, one wonders?

[maxk] 06/11/2018 23:31

You have a way with words TJ2.

[leedskier] 06/11/2018 17:48

I have the impression that if a sweetheart deal is agreed with EU, $ earning commodity shares could be hammered, conversely banks and UK focused shares should recover, subject to the caveat that the BoE could raise the interest rate -- though that would not harm banks.

[leedskier] 06/11/2018 16:59

Closer to the actuality it is the strengthening £ which is hitting $ earning commodity shares which knocked back UK Indexes today.

[leedskier] 06/11/2018 15:04

FTSE 100 Index
INDEXFTSE: UKX
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7,054.98 −48.86 (0.69%)

[leedskier] 06/11/2018 09:35

Shares said to be weak because it is the US Mid Term Elections.

What possible relevance has that got to the UK?

[m1k3y1] 05/11/2018 13:38

It isn't right CI.

[chinese investor] 05/11/2018 13:19

So the Big Boys signed up on the basis that if RBS had won then the Little Boys (i.e. us) would have had to pick up the tab.

Doesn't seem right !

[g1945] 05/11/2018 13:03

Many thanks for the info, ShareBuyer

[m1k3y1] 05/11/2018 08:05

Agreed CI. Show me the contract !

[chinese investor] 05/11/2018 07:29

We small shareholders didn't see any membership agreements !

“The express terms of the membership agreements limit the extent of any liability for members who signed them to the ‘membership fee,’” the investors said in defence documents, alleging that the action group company lacked the authority to arrange third-party funding on their behalf.

[m1k3y1] 04/11/2018 20:51

Excellent, thank you sharebuyer

[chinese investor] 04/11/2018 19:24

Thank you ShareBuyer.

[sharebuyer] 04/11/2018 19:03

Funds Argue Negligence Halts Claim For RBS Litigation Costs
By Richard Crump

Law360, London (October 16, 2018, 4:03 PM BST) -- A group of institutional investors that include units of Lloyds Bank has refused to contribute to costs run up by a group that represented Royal Bank of Scotland shareholders who won a £200 million ($264 million) settlement from the lender over a rights issue in 2008.

[The Lloyds bank units and pension and sovereign wealth funds claim in documents filed at the High Court in London that they cannot be held liable to pay a share of the costs of financing the class action lawsuit. (AP)]

The Lloyds Banking Group companies, and assorted pension and sovereign wealth funds, said in documents filed at the High Court in London on Sept. 21 that they cannot be held liable to pay a share of the costs of financing the class action lawsuit. They claim the company that originally managed the litigation was negligent.

Manx Capital Partners, a firm that now represents the RBS shareholders who struck a settlement with the bank in 2017 to avert a trial over allegations that it misled investors in its £12 billion rights issue, is suing the funds for refusing to pay their share of the costs of the suit.

But the defendants, which include life insurer Scottish Widows PLC, Investec Asset Management Ltd. and the Kuwait Investment Authority, claim that Manx “has no standing” to sue them in its capacity as the “purported agent” of the RBOS Shareholders Action Group Ltd., a company set up to win compensation for RBS investors.

The funds were all members of a group of claimants who engaged the "action group" in 2014 to pursue a claim against RBS. They individually withdrew from the group and instructed Mishcon de Reya to act for them at various times between 2015 and early 2017.

“The express terms of the membership agreements limit the extent of any liability for members who signed them to the ‘membership fee,’” the investors said in defense documents, alleging that the action group company lacked the authority to arrange third-party funding on their behalf.

The funds claim their membership was cancelled because the RBOS company failed to obtain adequate after-the-event insurance or a costs fund to prosecute the litigation through to trial. They also contend that they were deliberately misled by the action group company.

“The membership agreements were terminated in accordance with their terms or for breach, with the consequence that the [Mischon] defendants were released from any further financial obligation,” the funds said in court documents.

“The [Mischon] defendants have no liability for costs incurred by the action group company as purported principal where those costs were incurred as a consequence of the AGC’s own negligence, default and misconduct, such costs falling outside the scope of any authority granted to the AGC,” a summary of their defense claims.

The investors claim that the membership agreements and the action group company’s authority “failed from the outset” because it was unable to secure financing from Vannin Capital PCC, a litigation funder.

Vannin is suing the action group company and the RBS claimants in a separate lawsuit, alleging it is owed £14 million because of two litigation funding agreements it signed with the action group company.

Manx, the investment vehicle that acts as a manager of the RBS litigation and was a major claimant and funder in the original action, alleged the funds will be unjustly enriched at the expense of the remaining claimants, which would be forced to cover the shortfall. It represents a group of RBS claimants, known as the SG claimants.

In its suit filed in July, Manx — which took control of the RBS claim from the action group company in 2017 — claimed the defendants are unwilling to pay their share of legal and litigation funding based on the number of RBS shares held by them or their clients.

"The defendants have not understood the case against them. Manx has never said that it is the agent of the AGC. It is the agent of the SG claimants pursuant to the delegation agreement between the AGC and Manx which wholly and irrevocably delegated the management of the rights issue litigation," a spokesperson for Signature Litigation, the law firm representing Manx, said. "The AGC sought to challenge that delegation and has now been permanently prevented by the court from so challenging it. In accordance with that delegated agency, Manx has the capacity to bring this claim as the agent of the SG claimants."

The 2017 RBS settlement has spawned a series of disputes and litigation between the claimants and third parties battling for a slice of the payout.

Manx is represented by Christopher Pymont QC of Maitland Chambers and Daniel Saoul of 4 New Square, instructed by Signature Litigation LLP.

The Mischon defendants are represented by Shail Patel of 4 New Square.

The case is Manx Capital Partners Ltd. v. Scottish Widows and others, case number BL-2018-001664, in the Business List, Chancery Division of the High Court of Justice of England and Wales.

--Editing by Ed Harris.

This story has been updated to include a statement from Signature Litigation.

[smurfy2001] 03/11/2018 16:34

Barclays and Lloyds fare poorly in EU stress tests

Region’s top 48 banks have enough capital to withstand worst-case Brexit scenarios

[smurfy2001] 03/11/2018 16:09

Taleb Says World Is More Fragile Today Than in 2007

[m1k3y1] 03/11/2018 15:16

Thank you ShareBuyer... very very much appreciated.

[chinese investor] 03/11/2018 15:09

ShareBuyer,
Thank you very much for the expanded article.
Could you please do me another favour and post the following article.

Law360

Chinese Investor (RBS) 17 Oct '18 - 06:48
Funds Argue Negligence Halts Claim For RBS Litigation Costs

A group of institutional investors that include units of Lloyds Bank has refused to contribute to costs run up by a group that represented Royal Bank of Scotland shareholders who won a £200 million ($264 million) settlement from the lender over a rights issue in 2008..........

[m1k3y1] 02/11/2018 20:46

Thanks Bar.....agreed

[barmiddleton] 02/11/2018 20:39

It is frustrating that we can't learn what Law360 is disclosing but I'm sure Signature will reveal what's going on in due course. We are still in the long game here guys!