RBS

Goodwin still on the hook for RBS debacle

Post Date: August 3, 2015

The Herald newspaper have reported an astonishing attempt by the lawyers for Royal Bank of Scotland (RBS) to have Fred Goodwin excluded from the legal case over the rights issue in 2008. They wanted four former directors removed from the case so as to streamline proceedings. However the judge presiding over the case threw this attempt out. The directors signed off the prospectus and hence should surely be accountable for what the plaintiffs claim was a misleading document. But the lawyer for ...

Enormous Costs of Royal Bank of Scotland (RBS) Legal Action

Post Date: June 1, 2015

There was an interesting article by Geoff Ho in the Sunday Express yesterday (31/5/2015) on the law suit being pursued by shareholders against RBS. He reports that the RBoS Shareholders Action Group was presented with a bill for £1.2 million by its former solicitors Bird & Bird and a demand for "prompt payment" after they changed lawyers to Fladgate following concerns over costs and communication. Indeed the original demand was even higher but was subsequently reduced. Fladgate are working on a ...

Law suits – Quindell, Lloyds, RBS and SIPPs

Post Date: December 21, 2014

Feel misled by the Quindell board and its advisors? Then there is a new legal action being formulated by Liverpool legal firm "Your Legal Friend". They already claim to have 250 investors interested in pursuing a claim on the basis that statements issued by the board and its advisors show that insufficient care had been taken in relation to the duty of care owed to investors. At least that's a brief summary of the allegations - see their web site for ...

Tesco Legal Action – or should we just “put our hands up”?

Post Date: November 30, 2014

Law firm Stewarts Law has announced that it is preparing a case against Tesco based on the losses of investors in the company from the overstatement of profits. To quote from their announcement: "The Claim will allege that directors and senior management knew or were reckless as to whether Tesco's statements to the market were untrue or misleading and/or dishonestly concealed the true position, in breach of the Financial Services and Markets Act". They don't intend to await the results of ...

Pay at RBS – over 99% in favour

Post Date: June 26, 2014

The Royal Bank of Scotland (RBS) held its Annual General Meeting yesterday (the 25th June). Most of the media did not even bother to report it. There were some shareholders present who spoke against the remuneration at the company, but when it came to a vote the proxy counts were 99.81% in favour of the Remuneration Report and 99.66% in favour of the Remuneration Policy. PIRC had also opposed the Remuneration Policy before the meeting. A summary of what they said is ...

Royal Bank of Scotland – more losses and downsizing

Post Date: February 28, 2014

Royal Bank of Scotland (RBS) announced yet another set of disappointing results yesterday (27/2/2014). The share price closed down 8% on the day and is now way below what the Government paid for its majority stake in the business. New chief executive Ross McEwan announced the results after the previous one, Stephen Hester, had departed to sort out another basket case - RSA (formerly Royal and Sun Alliance). It was certainly an opportune moment to move on. Last year RBS managed to ...

Hibu, a most peculiar EGM, and RBS

Post Date: December 5, 2013

In a previous blog post on the 28th Nov I discussed Royal Bank of Scotland (RBS) and the "unacceptable face of banking". It mentioned the case of HIBU, where RBS was one of the lenders, which had just been put into administration thereby apparently thwarting the calling of a General Meeting (EGM) by shareholders and the appointment of new directors. This was similar to the case of Torex retail some years before. In fact the HIBU EGM did actually take place but ...

RBS, Hibu and the unacceptable face of banking

Post Date: November 28, 2013

There have been extensive media comments lately on the activities of the Royal Bank of Scotland in lending to smaller businesses, and what they did when those businesses got into financial difficulties. The articles printed focussed on two reports on the activities of RBS - a report commissioned by the bank by Sir Andrew Large, and one by Lawrence Tomlinson* who acts as a consultant to the BIS Department. Both reports, but particularly the latter one, were quite damning about the ...

RBS

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