Letter to Claimants 10th October 2017
10th October 2017
Many Claimants will have received from the RBoS Shareholders Action Group Limited (the Action Group Limited) a recent communication stating that the Action Group Limited has instructed new solicitors in relation to the settlement process. The solicitors on the record since July 2015, Signature Litigation LLP and Counsel instructed by them, remain at this time the advisers dealing with the settlement issues and all matters relating to them. As you know, since March this year they have been given instructions by the major Claimant and funder in the litigation, which is Manx Capital Partners Limited, the delegated manager of the claims against RBS.
Whilst the Action Group Limited has disputed aspects of that delegation to Manx, and in particular their continued instructions to Signature, the Action Group Limited has sought to agree an interim compromise position whilst proceedings which have been brought by Manx to resolve that dispute continue to a resolution. Pending further agreement with Manx and Signature the Action Group Limited has therefore agreed that the Action Group Limited will pass on to you all communications from Signature with respect to the RBS Rights Issue Litigation and the settlement processes and likewise the Action Group Limited will send to them any correspondence which you send to us. Signature will continue with their work until a way forward is agreed or the matter is resolved by the Court, after which there will be a further communication with you on the matter.
The Action Group Limited will of course continue to communicate with Manx and Signature in relation to their work and developments as they occur, but will not otherwise communicate further with you about the RBS Rights Issue Litigation until the next stage of the Action Group Limiteds dispute with Manx and Signature is resolved. This should be in the next two to three weeks, when a further hearing will take place in Court in the absence of any agreed solution between the Action Group Limited and Manx.
In the meantime, we the Action Group Limited ask that you bear with us and not raise any questions or issues which the Action Group Limited is unable to answer whilst the present issues are being addressed and resolved.
RBOS Shareholders Action Group Limited