Signature Litigation has been instructed by the RBoS Shareholders Action Group on behalf of 101 institutional clients and over 35,000 individual shareholders bringing claims against RBS over its 2008 rights issue following the disastrous acquisition of ABN Amro. Signature came on the record on 14 July 2015 and last week the Court was told at a seventh CMC that the claimant group had secured long-term funding.
John Campbell QC, a representative for the client group, said in evidence to the Court that "the instruction of Signature brought to the Group some legal advisers who clearly had more experience than many in funding, and funding negotiations", adding that "all the previous stumbling blocks have been overcome as we have secured an agreement with respect to our current funder."
Signature's claimant group is the largest of the three claimant groups, with the others represented by Quinn Emanuel and Stewarts Law. Funding had hampered the group's ability to participate in recent months, something which Mr Campbell said in evidence Signature had "worked hard to resolve."
The group's claim value is in the region of GBP 1.2 billion plus interest and costs (a number that was corrected earlier in the action after the group's former advisers, Bird & Bird, corrected a mistake in the value of the claims originally submitted).
Signature Litigation partner Graham Huntley has instructed the 3 Verulam Buildings team of Jonathan Nash and Peter de Verneuil Smith, who appeared for the group at the CMC last week, along with junior Ian Higgins, also at 3 Verulam Buildings.
Please see the published articles in both Legal Business and Legal Week.