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Apologies this is the correct one BBC http://www.bbc.co.uk/news/business-40173587 Sky News http://news.sky.com/story/rbs-investors-to-settle-2008-legal-claim-10905977
Found it JP2008, ty for the info. I have no idea how a vote took place though as no one mentioned it to us ?? BBC http://www.lse.co.uk/ShareChat.asp?ShareTicker=RBS
Thank you JP2008 have you got a link to the info please
Aĺl seems to be settled now with AG accepting offer at mèeting last night. Reported on BBC and Sky. I am glad a line is being drawn at last
Exactly DottyG I get the feeling that the RBoS AG has been effectively hikacked by NM for his own agenda, given that he is also funding the ATE. It seems that the Board of Directors of RBoS AG have lost sight of who they are meant to be negotiating for. Difficult to see how they can progress a claim that they have recently recommended settling to claimants. Quote "Having carefully considered the merits of the current offer (which we set out in more detail below) we have decided to accept the offer of 82p per share on behalf of our membership. This is a decision which is fully supported by our legal advisers"
When was Neil Mitchell appointed as spokesman for the claiments of RBOSSAG ?
Thank you DottyG and MrBubbles for the information. Considering claimants have not been consulted on this , I am very surprised. I have written to the Solicitors concerned and await a reply. I do not see how the RBoS AG can commit claimants to further costs, by way of a trial and potential Appeal , as well as the possibility of having to absorb any losses, should the claim prove unsuccessful, If claimants wish to settle. Particularly when they have recommended settling ! .
RBS braced for fresh trial after investors raise legal fees by: Emma Dunkley Royal Bank of Scotland and former disgraced boss Fred Goodwin are bracing for a trial over the state-backed bank’s 2008 share sale after investors managed to gather millions of pounds at the 11th-hour in an attempt to push ahead with the court case. The RBS Shareholders Action Group, which represents thousands of individual investors, secured a £2m deal with high net worth funders on Monday night, taking their total funding pot to about £7m to cover the cost of the trial, according to shareholder Neil Mitchell. Mr Mitchell said that the claim is “now fully funded” and that “claimants are willing to proceed to trial”, which is set to begin on Wednesday. The development is the latest twist in the case which last week saw shareholders come close to a settlement with RBS at 82p per share, double the bank’s original offer. The case has been adjourned three times in as many weeks as a result of the ongoing talks. But the bank and investors were locked in stalemate at the end of last week after a meeting was held with RBS chief executive Ross McEwan and no conclusion was reached, according to people briefed on the issue. RBS refused to raise its offer from 82p, one banker said. The claim has been brought by RBS shareholders who allege they lost nearly all of their investment in a £12bn rescue funding launched by the lender in June 2008 — only months before it received the biggest bank bailout in UK history. RBS has settled with other groups representing various shareholders, offering a total pot of £900m. A number of investors recently told the Financial Times they were unwilling to settle because they wanted to see Mr Goodwin, who was stripped of his knighthood in 2012, held to account and for the “truth” to emerge. Mr Goodwin has rarely been seen in public since RBS’s near collapse and agreed to reduce a £700,000 annual pension only following a very public battle. He still lives in Edinburgh. RBS declined to comment.
m1k3y latest report from Reuters written by Andrew MacAskill and Lawrence White indicates that a deal was made last night at an hotel in London to provide the remaining £2m required to take the case to court. Neil Mitchell and a representative from RBOSSAG attended. The report also claims that roughly 2000 claiments are holding out. Hopefully we will get some answers. Good luck with your attempt in contacting our solicitors.
Excuse me. I think I'm lost. I seem to have stumbled on to the 'Royal Bank of Scotland Action Group Action Group' forum :-)
Thanks paul30661 Very amusing :) Given the massive costs involved to date , of which we have had no control, I hope this will not add to the already substantial costs !
'I intend to write to the Solicitors' Careful M1k3Y - that could put another £ 1 million on the legal bill :-)
I agree entirely DottyG. I intend to write to the Solicitors and will let you know reply I receive. JP2008 I don't think there can be different memberships now, given the sums of money we have all paid to them.
I joined in 2013 completing a form with no mention of different membership status. This explains a lot about the strange governance. I assume I missed the boat in getting full membership but this may prove to be fortunate in the long run.
M13ky. Then perhaps we are all full members especially since recent communications are addressed to "members" now. who knows. We have paid a vast amount of money since 2009 . It's not good enough to read different updates from the press and to hear very little from the RBOSAG.
Thank you DottyG I joined in 2014 and there was no mention of 'associate' or 'Full' membership. This raises further questions around the rights of claimants as part of the RBoS AG. Using your information though, If you have paid more than £200 as I suspect every member of the group will have done, then we should all be entitled to vote.
M1k3y we joined the Group in 2009 as associate members.
Find this very odd DottyG. I am looking through all of my documents and requests for payment and there is no mention of 'associate' or 'Full' membership according to how much you pay ? I am looking at a subscription form from June 2014 and no mention of it ?
M1k3y I forgot to say we are associate members of the Group and not full members.
Thank you DottyG, first time I have heard of this and don;t have anything similar in my file ? Presumably, you did contribute £200 or more and as such, should be entitled to full membership , whatever that is ? Can I ask what date did you apply please
M1k3y Going back in our files we have the original communication from the action group along with an application for associate membership. Interestingly in the paragraph near the bottom of the first page of the application 'The above fees give you "associate membership" of the Company. If you contribute £200 or more then you can also apply for full membershipwhich gives you voting rjghts in this group. Such applications are subject to approval. ' This could explain why we have not been consulted at any stage. However, it does not excuse the Group for not keeping us up to date with current developments.
DottyG and JP2008 , do you have any copies of contracts between the RBoS AG and yourselves ? I don't but have been asking them to send me a copy for years. Also they say in the latest update they have 'delegated authority' . I have asked them to provide me with a copy of this but they have not done so. I do not believe they have 'delegated authority and should be consulting with claimants before entering into legal commitments regarding fees etc. At no time, have I been consulted at all over the extent of fee commitment I am prepared to agree to and I am very unhappy that they now tell us we have a 40% - 45% liability .
Yes, my husband and l are also in the same position of not being consulted at any point having met every request for funding. It was a surprise to learn that from 27000 membership we shrunk to 9000. When the Directors of our Group met with RBS on Friday, were they representing 9000 members or the 'so called diehards' group of 4500. The press reports are confusing to say the least. With so many jumping ship we will be lucky if we get a penny and could even be left with a bill for legal costs.
Is there anyone else on this BB who is in the same position regarding the RBoS AG ?