Royal Bank Of Scotland Share Discussion Threads

[blusteradjuster] 17/12/2018 07:42

UK - We’re leaving your club
EU - OK but don’t expect us to make it easy for you
UK - That’s typical of you, no wonder we’re leaving.

Ignorant and arrogant leavers think we can tell the EU to F Off and then expect them to give us the Brexit WE demand.

Delusional stupidity..

[ianood] 17/12/2018 07:32

And imports some>£50K - they certainly know how to treat a customer!

[leedskier] 17/12/2018 07:21

£274 billion divided by the UK population is some £40K per capita.

[k38] 17/12/2018 01:53

https://petition.parliament.uk/petitions/229963

[chinese investor] 16/12/2018 12:22

Thanks Barry - I haven't heard from Signature as well.

[m1k3y1] 16/12/2018 12:22

Agree BAR, I haven't received anything either.

[barmiddleton] 16/12/2018 12:20

Very interesting comments everyone. Am I the only one surprised that we have not received an update from Sig Lit recently? Well, I haven't received anything lately!

[chinese investor] 16/12/2018 12:07

This is what I expect to happen :-

1) "The Action Group" to receive no new money (IN COURT ATM)
(they have received £8 million "contributions")
2) The Early Funders (i.e. Vannin) to receive £5 million (IN COURT ATM)
3) The Corporate Claimants to give us a couple of million (IN COURT ATM)
4) Small claimants to be given a refund on a proportion of their "contributions" (ON GOING)
(to be offset against any "Action Group"'s claims)
5) Gerard Walsh to be investigated

Total Costs :-
Signature (£24 million)
Vannin (£5 million)
Bird & Bird (£6 million)
"Action Group" (£2 million - they paid B&B £6 million)
Total to be £37 million

We should be able to claw back some of the "Action Group"'s £2 million..

[m1k3y1] 16/12/2018 12:06

Wow !!! where are you getting this info CI...excellent.
But will he turn up ?

[chinese investor] 16/12/2018 12:00

"The co-founder of an action group that successfully sued Royal Bank of Scotland for £200 million in 2017 is to be quizzed at London’s High Court on Wednesday.

Irish businessman Gerard Walsh, 61 – who was branded a fraudster in a separate civil case at Jersey’s Royal Court – is seeking a £3.75 million bonus for his work on the action."

[m1k3y1] 16/12/2018 11:52

CI....it may be that the 29 schedule 1 defendants failed on the 'first issue' but that of course, does not mean that the remaining SG defendants would also have an application fail.
I did not sign any agreement that handed over authority to the AG , to enter into loan agreements on my behalf.
I suspect that the 29 schedule 1 defendants would have a different agreement woith the AG than the remaining claimants. I could be wrong of course.

[chinese investor] 16/12/2018 11:52

Walsh is in court this coming Wednesday (Mail On Sunday).

[tradejunkie2] 16/12/2018 10:12

Brexit baby.

[chinese investor] 16/12/2018 09:48

Vannin need to settle this before going public.

Should be open to a reasonable settlement !

[chinese investor] 16/12/2018 09:47

Big Boys get away with it again !

Ms Smith said Vannin’s application against the 29 schedule 1 defendants, a subset of the SG defendants made up of institutional and large corporate shareholders, failed on the “first issue” of whether they had ratified the Litigation Funding Agreements.

[m1k3y1] 15/12/2018 08:25

2 million in a loan with a return of 14 million is not only obscene , it raises very serious questions about the competency of the people who agreed to the debt, including the lawyers who advised them on it !

[m1k3y1] 15/12/2018 08:14

I am hoping they don't succeed Bar but if the AG enterred into the agreement without authority from claimants, it seems to me that they should be accountable for the debt .

[barmiddleton] 15/12/2018 00:46

Once again, thanks CI. To a layman like me this appears a very complicated issue but I can't help feeling that the AG, once again, have made a stupid legal binding agreement in which Vannin will likely succeed in their action. You couldn't make this up!!

[m1k3y1] 14/12/2018 19:36

Thank you as usual for the updates CI, very much appreciated.
Shame it's going to trial though.

[chinese investor] 14/12/2018 19:04

Litigation funder Vannin Capital has failed to obtain summary judgment of its £14m claim against RBS shareholders it backed who then successfully sued the bank.

Joanna Smith QC, sitting as a deputy High Court judge, said the fact that the application appeared to be “an attempt to persuade the court to conduct a mini-trial” was an “overarching reason” for its rejection.

“Far from requiring a decision on a short point of law or construction, it requires decisions (in Vannin’s favour) on the vast majority of the issues raised in the case,” she noted.

However, the judge also rejected an application by the shareholders for summary dismissal of the claim against them.

Ms Smith said the shareholders’ defence on ratification of the litigation funding agreements had a “realistic (as opposed to fanciful)” prospect of success.

“However, the question I must decide for the purposes of their application is whether Vannin in fact has no real prospect of arguing to the contrary.

“In light of the numerous issues (both factual and legal) that appear to me to require resolution in relation to this issue, as described in detail above, I am not so satisfied.”

The High Court heard in Vannin Capital v RBOS Shareholders Action Group and another [2018] EWHC 2821 (Ch) that RBS shareholders and former shareholders alleged “material misstatement” by the bank in the prospectus for a rights issue in April 2008.

The shareholder defendants were the RBS Shareholders Action Group (referred to as ‘AGC’), the first defendant, and the shareholders listed in a schedule to their particulars of claim (referred to as ‘the SG defendants’), the second defendant.

Ms Smith said the RBS rights issue litigation was settled in 2017 and the SG defendants received a “substantial sum” from RBS.

She said the proceedings concerned two litigation funding agreements entered into between Vannin and the AGC in relation to the RBS litigation. Vannin agreed to make available to two funds of up to £1.5m and £2m respectively, pro rata as part of a larger facility of £10m.

If the litigation was won or “a favourable settlement reached”, Vannin was entitled to a funding premium of £14m.

Vannin emailed AGC’s solicitors, Signature Litigation, in June 2017, seeking confirmation that on conclusion of the settlement they would be entitled to the funding premium, and followed it up with invoices in October. The SG defendants refused to pay.

Vannin sought summary judgment on their claim for £14m or summary dismissal of certain paragraphs in both defences.

The SG defendants sought summary dismissal of Vannin’s claim or of certain paragraphs in the amended particulars of claim.

Ms Smith said the AGC “appears presently to be acting as a litigant in person” and had filed no evidence in opposition to Vannin’s application.

Counsel for the SG defendants argued that Vannin’s application for summary judgment was nothing more than an attempted “smash and grab” and success for the litigation funder would represent a “scandalous windfall”.

Ms Smith said Vannin’s application against the 29 schedule 1 defendants, a subset of the SG defendants made up of institutional and large corporate shareholders, failed on the “first issue” of whether they had ratified the LFAs.

“In my judgment this is an issue that should be determined at trial when the court will have all the relevant facts available to it, together with full argument on the various complex legal issues”.

Ms Smith rejected an application by Vannin to amend its draft re-amended particulars of claim, and to strike out certain paragraphs in the SG defendants’ defence. However, she agreed that other paragraphs in the SG defendants’ and AGC’s defence should be struck out.

The judge also refused to allow the SG defendants to make certain amendments to their draft amended defence.

[k38] 14/12/2018 18:24

https://petition.parliament.uk/petitions/229963

[leedskier] 14/12/2018 18:16

All in all an interesting week. I suspect next week maybe too.

[pauladrew] 14/12/2018 08:23

Deutsche Capital Clone Company Scam - shame on RBS - www.catchmyscammer.com

[leedskier] 14/12/2018 07:40

It is opening down today.