Member Info for M1k3y

Unless I am mistaken Amadeus provides software. BA are suggesting this was a 'Power Supply' problem, which implies hardware. I doubt we will ever be told the truth to be honest. BA will of course try and recover any losses from contractors who manage their systems but whether they will be able to recover their full losses is very doubtful. There will be a substantial PR price to pay and the media has already started to focus on what is going wrong at BA' http://www.telegraph.co.uk/business/2017/05/28/ba-chaos-may-have-exposed-fundamental-weakness-airline-analyst/ The SP was doing very well, with IAG 30% of the way into a 500m buy back and increased dividends. I suspect they will hope that the upcoming dividend payment and the Launch of 'Level' in June will provide support to the SP. This is a company that is making money BUT it is only doing so by cutting costs across all of it's carriers. I guess that eventually the tide will turn but at the moment, the public desire for cheaper travel is unlikely to encourage IAG to to gamble on substantial investment and higher ticket prices. From an Investment point of view though, it is making a lot of money and improving returns to Shareholders.

Reuters BA CEO Cruz says power supply issue caused global IT failure http://uk.reuters.com/article/us-britain-airports-ba-cruz-idUKKBN18N0U2

According to the Judgement of the 9th March 2017 http://www.rbosaction.org/judgement.pdf "The Claimants’ costs so far exceed some £20 million (exclusive of VAT), though an element of this amount is subject to CFA arrangements and not all amounts have yet been billed to the Claimants"

Hi paul I expect that the legal expenses cover , would be in the event that the claimants lost, yet still had to pay not only their own legal costs but potentially that of RBS. I find the 40% - 45% figure concerning and have not had sight of any contract that exists between the RBoS AG and claimants. Obviously, legal costs will have to be paid but given that the claim has now been settled, the costs would only be to date and not have to include the cost of proceeding with the claim. Therefore they will be much reduced. It seems a bit late in the day to advise claimants that they will be losing such a large percentage of the settlement figure by way of RBoS AG Limited deductions . Seems odd to me , to advise claimants after agreeing a settlement how much it is going to cost them, normally this is agreed before proceeding with a claim ? Lastly , I am surprised that RBS were not asked to cover claimant costs in the settlement agreement ? Who exactly is the 40% - 45% going to ?

Well any drop should present a good buying opportunity. 4-5 weeks until dividends.

I think you could bank on thousands per individual if you were thinking of trying to progress another class action claim. This claim has run into millions in costs and given that the group are now suggesting taking 40% - 45% of the settlement figure , it would seem that costs are in the tens of millions , which seems excessive I have to say. As with all of these situations, cost depends on how many people are involved, what the chances of success are and which lawyers you use .

Bubbles I have no idea how much has been paid in fees to the group to date. These are the latest accounts which I can find . https://beta.companieshouse.gov.uk/company/06853408/filing-history Certainly the fees paid by individuals to the Group would be in the thousands and possibly by larger shareholders, tens of thousands.

http://www.independent.co.uk/news/uk/home-news/british-airways-it-failure-leave-airports-luggage-heathrow-terminal-5-gatwick-a7759381.html

http://www.rbosaction.org/trial.cfm

Sorry to hear that Bubbles. I am surprised that the settlement did not include RBS paying the fees of the groups Solicitors etc. 40%-45% Is a substantial chunk to lose , on top of the fees that claimants had already paid to the group. Will be interesting to see what exactly the final percentage payout figure to claimants is and who exactly is going to be paid what in the way of fees .

Looks like they are going to settle but there may be some unhappy members of the group as they are saying they will be taking 40 % - 45% of the settlement figure to pay fees etc ?

TY

Mr Bubbles Where did you hear this information please ? I am not getting and replies to my e-mails or telephone calls to the Group ? If you have any further news, would be grateful. Don't give up yet on the late claimants........I guess the court will determine whether they can be admitted or not.

Well for me , I don;t have the financial resources MR Mitchell appears to have. I joined the group in the hope that I might recover some of the losses I have suffered. Hard earned money, I can Ill afford to lose. I certainly can't afford to lose any more, should the claim prove unsuccessful. Mr Mitchell would appear to want to continue the claim regardless . If he does and he wins I wish him well but not by potentially placing my finances at greater risk. After all, non of us (lower level) claimants have seen any of the evidence, or been privy to the legal advice received by the Action Group. For me a settlement would be prudent.

The Independent Neil Mitchell launches business action group against RBS http://www.independent.co.uk/news/business/news/neil-mitchell-launches-business-action-group-against-rbs-9232321.html

The Guardian https://www.theguardian.com/business/2017/may/25/rbs-royal-bank-scotland-shareholders-fred-goodwin-court-case-settlement I find the following statement in this article very concerning; "Shareholder Neil Mitchell, who has previously sued RBS in a separate claim, said there was a hardcore group that would not settle under any circumstances. “For many people, it’s never been about money, it’s been about principle and justice, and about seeing senior board members of the bank brought to trial,” So , regardless of the cost, Mr Mitchell wants his day in court. It seems he also has another related agenda. http://www.thisismoney.co.uk/money/markets/article-4262220/Whistleblower-s-RBS-128m-court-battle.html As I have said earlier, different claimants will have different views regarding settling or continuing.

Thanks Mr Bubbles I notice this quote "The High Court has been told a number of claimants have not been able to be contacted about the latest offer because of old addresses." If this is true, I am afraid it is incorrect, as I , and it appears others here, have not been contacted by anyone. I have not had any replies to my e-mails and may have to resort to contacting the solicitors directly, if I don't receive a response. If there are claimants who wish to continue, while others choose to accept a settlement, that is their option of course. Whether the existing Solicitors would wish to continue if a large percentage of the existing claimants settled, may be questionable. I have seen this before .......people can lose sight of the fact, they may not win and would be liable not only for the monies they have lost to date but also for costs etc There is no certainty in a court of law . Of course IF money is of no consequence then good luck but for my part a prudent settlement seems a sensible (if not principled) outcome.

Will do Bubbles. I think the numbers on the RBoS website haven't been updated since the other groups dropped out ? Could be wrong but I am guessing the figures being reported are close to the actual ones. It isn't that difficult to keep i contact with thousands of claimants if you have the correct set up. I have been part of this type of claim before and have experience of it. In any event, if the solicitors and those heading the claim are recommending acceptance, it would seem unlikely that those same people would proceed with the claim. This would leave anyone who wanted to continue, having to pick up where others have left off. A difficult and costly task. If what is being reported is accurate, it would seem that a settlement should be achievable. It would be helpful if the RBos Action Group could provide claimants with information about the settlement (obviously not easy , as this could not become public knowledge) but I suspect that it will end up with an agreement in principle (if they agree) , which claimants will then have to individually sign off on. We wait to see and can only hope that those who are involved , negotiate the best offer possible, for all concerned.

Hello MrBubbles just noticed I misread your post, apologies. I thought you worked in the group taking calls. Think I might need glasses ! Thank you anyway for your information.

You may notice this section "We are required by RBS to write to each of these ‘duplicate claimants’ asking them whether they wish to settle their claim on the terms we have agreed on behalf of claimants or whether they would like to continue their claim as part of the RBoS." Now, if you were a claimant with Leone Kaye and were also a duplicated claimant with RBoS Action Group, what would you do ?