The group is made up of more than 27,000 of shareholders who lost money as a result of subscribing for shares in the RBoS Rights Issue which was open between 30 April 2008 and 6 June 2008. The case is due to go to trial in May 2017.
Our members are both private individuals and large institutions. Jonathan Nash QC of 3 Verulam Buildings is acting as our Leading Counsel.
We are the only claimant group currently pursuing legal action against both RBoS and certain directors at the time, including Fred Goodwin, Sir Tom McKillop, Johnny Cameron and Guy Whitaker. Vital facts were withheld from the shareholders ahead of the Rights Issue. At the same time, despite evidence to the contrary, the Directors made recklessly optimistic statements which gave a grossly misleading impression of the underlying strength of the bank. This led to institutional and private investors taking part in a Rights Issue based on incomplete and misleading information.
We are unique because :
We are the largest group with more than 27,000 shareholders - there is strength in numbers
We represent individual investors as well as the big institutions. These include pensioners, who are financially suffering when they should be enjoying a comfortable retirement; RBS branch bank staff who loyally backed their employer but weren't on the huge bonuses enjoyed by RBS' reckless investment bankers; and ordinary investors who believed they were investing in one of Britain's great financial institutions and one of its most storied business leaders - not one of the causes of the financial crisis.
We are the only group that is suing Fred Goodwin and other directors as well as RBS. Our thousands of members want Goodwin, McKillop, Cameron, and Whitaker to be held to account for the misrepresentation that caused so many people to lose so much money at a time when the greatest financial crisis since the 1930s was about to reach its depths. Goodwin is still receiving an annual pension of £342,500, while our retirees await their compensation.