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RBS settles with some claimants, but rights issue litigation continues

Posted on 02 March 2017. Source: CDR

RBS settles with some claimants, but rights issue litigation continues

The Royal Bank of Scotland (RBS) has agreed to a GBP 800 million settlement with four of the five claimant groups in the litigation over the bank’s GBP 12 billion 2008 rights issue.

Richard Leedham, the partner in charge of the Mishcon de Reya claimant group, dismisses any suggestion that professional privilege issue played a role on the decision to settle. “In any litigation, having a trial coming up is a much bigger factor in the settlement. Everyone had the beginning of the trial in mind. Rising costs bring all the issues to a head,” he tells CDR.

“Interlocutory hearings on relatively discrete points aren’t really relevant and weren’t really relevant.”

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