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Could have been Barclays in this same mess had RBS not out bid then for ABN...
Thanks M1 I agree, IMO all shareholders who were duped by the RBS BOD re theSBN Avro fiasco should I believe be entitled to compensation irrespective of whether the matter has been partially settled out of court. Settling out of court by RBS validates that.
The Customer Account Manager for RBS through RR Donneley for two years, visited both offices numerous times. RBS spent millions on posting their crap letters out, all went 1st class standard tariff, took me two years to try and persuade them that we could sort the mail into streams and the few next day delivery letters they had could still be delivered 1st class. They had to get sign off from all the different stake holders, Lombard, Natwest, Direct line, Coutts, etc, etc they wasted so much money
Of course, IF the case proceeds, It may be that new information could be brought to light, that might present other opportunities for claims ? Lots of if's and maybe's though.
Jiffy, I think MrBubbles post below explains it .
Jiffy unless you are part of the action groups you would have to take RBS to court yourself ......RBS have already spent 100million on their defense .....how could you on your own challenge them .
Would you make the share price go from 20p to £2 pound a share, were they mad, no way would I know buy any if these shares at that price....
M1 Forgive me for butting into your thread, but as an ex shareholder of RBS who lost out and didn't take part in a class action, you seem to be suggesting that holders like myself have no chance of recompense? Is that correct?
TrickyNic, I have no doubt You and many many others who may yet have their opportunity to divulge all in the courts. Unfortunately , it is all out of our hands and , as usual , it is the bigger players who will decide the future. Rightly or wrongly .
M1K3y trust me I could tell you some stories about RBS and how they wasted our money.....
Unfortunately TrickyNic, unless there is a Court case and a subsequent ruling to prove they were in the wrong, no one will be compensated. Settlements are designed to prevent rulings being made in Court cases.
RBS are proved to be in the wrong then in my opinion every one that took up the rights issue should be compensated....
Thanks MrBubbles According to the papers there are now only 9000 claimants . Given that any decision to continue may involve further costs for us, should the case fail, I would have expected to be contacted. It really isn't difficult to contact the same people within a group, or even to conduct a private poll to find out if the majority of claimants agree to a settlement. It does seem to me, that it is just a few very large claimants who are controlling the direction of the claim and the rest of us 'poorer' claimants are just waiting to be told, by them, whether we will be expected to support continuance of the claim, or benefit from a settlement . I guess if the people providing the after the event insurance say to accept, there is little option. Personally I agree with others here, that a settlement at this level would be sensible, even if not what everyone would wish to see. Guess we will have to wait to hear from those who are making the decisions , regardless of our individual positions.
Milky i am not expecting to be contacted as the RBOS action group surly are acting on our behalf ( thats what i always thought ) as it would be almost impossible and very time consuming to contact all 30.000 odd members . They will contact the big players and that will be it . Its almost certain they will settle now
Mr Bubbles and others who are part of the action group. I am also a claimant and wonder if anyone has contacted you regarding a potential settlement ? I note in the papers, it says https://www.ft.com/content/8162ad26-3fa7-11e7-82b6-896b95f30f58 " A high-profile trial involving Royal Bank of Scotland was adjourned for a further day on Tuesday as the High Court was told that the majority of investors had indicated they were “willing to accept the latest offer” from the bank to settle the case." Certainly , no one from the RboS action group has contacted me to ask about potentially accepting any offer so I wondered if anyone else had been contacted ?
Should have added that the action group stopped taking latecomers a few months ago
There is a limitation period but the RBS Action Shareholder Group allowed late comers to join after a judge allowed latecomers to join beyond the legal period due to a technicality which was that RBS concealed information from them . I joined a few months ago and paid into the legal costs fund . RBS have objected to the latecomers being added to the court register but with a settlement now looking likely i would think that that will also compensate the late comers on the RBS action group register .
If it went to High Court and it was proven that it was illegal what RBS done then I think anyone that bought those shares would still be able to claim. (I THINK) so I think they will pay up to the Groups .
Amen to that Paul.
I think that's correct. There is a 6 year limit to start a claim and that 6 years is obviously now passed. I don't believe that the shareholder action group is accepting new entrants at this stage. There used to be a section on their website (rbosaction.org) about it but I can't just see it now. I hope that the group (of which I am a member) do settle rather than pursuing a show trial. A trial would ultimately just be personal vengeance and principal. I would much rather financial recompense for their alleged fraud at the time of the rights issue. In 5 years time no one will care about a court case, but at least my SIPP/ ISA will be reimbursed for their (IMHO) fraud.
I think there is a time limit for these things to be fought (possibly six years but am happy to be corrected) so if you didn't join the RBOS action group prior to the cut-off date then there is no right of recourse. Unfortunately. For those that gambled and joined the action group a while back it is nice little return for their risk. I think the big thing here is that a settlement outside of court is not an admission of liability in the eyes of the law - probably why they have chosen settlement over thier name being trawled through mud - again.
I'm wondering too as I also took up the offer.
Looks like RBS are going to settle, how do we that didn't join the groups stand wonder.
Test
May eventually come good but it is still way down the road. They had a big consolidation overvaluing the actual spot price a while back and should be 26p about the same as BKIR - given a retrace to about 180p worth investing - this may or may not arise. If not it will be a long time to get a worthwhile return buying this share and the only reason it's present price is because interest rates are so low that idle money is being dumped anywhere in sheer DESPERATION