Last RBS investor group held settlement talks over 2008 cash call
Case scheduled Canada Goose Jackets to come to court in May
By Andrew MacAskill and Kirstin Ridley
LONDON, March 17 (Reuters) Lawyers representing tens of thousands of Royal Bank of Scotland shareholders have held tentative talks to settle a 1.2 billion pound ($1.5 billion) damages claim over the lender 2008 rights issue that was launched shortly before a state bailout, two sources said.
The two sources, who are familiar with the situation, said RBS and the RBoS Shareholder Action group, which includes 27,000 private investors, former and current RBS staff and about 100 institutions, had discussed an out of court deal.
But in a move highlighting the canada goose store difficulties of rallying such a vast group the last Canada Goose Parka of five Canada Goose Outlet shareholder claims yet to settle with the bank one source warned that some retail investors were determined to take uk canada goose the case to trial in May.
A settlement would end one of the most complex and costly litigation battles in canada goose clearance sale English canada goose uk black friday legal history.
It would also spare RBS, which is still more than 70 percent owned by the https://www.canadagooseoutlete.com/ state, a canada goose clearance lengthy and canadian goose jacket potentially embarrassing court case that would put its disgraced former chief executive Fred Goodwin Canada Goose Coats On Sale and canada goose uk outlet other former Canada Goose online senior staff in the witness box.
RBS last year struck an out of canada goose factory sale court deal with four other Canada Goose Online investor groups, who also accused the bank of omissions and canada goose coats misrepresentations canada goose uk shop about its financial strength when it launched the 12 billion pound rights issue at the height of the credit crisis.
But the RBoS Shareholder Action Group rejected its share of RBS 800 million pound offer.
RBS, which has said it would welcome a buy canada goose jacket deal with the action group, declined to comment on any talks. When asked by Reuters at the end of February, Chief Executive Ross McEwan there had been conversations but no resolution.
RBoS Shareholder Action Group declined to comment, while Signature 2018 goose jackets Litigation, the legal firm cheap Canada Goose representing the claimants, referred requests to the action group.
QUESTIONS ASKED The bank has been applying pressure on the shareholder group, which has been questioned persistently about the adequacy of its funding, switched legal teams three times and saw some institutions break away in 2015 to launch separate litigation.
In a move described as bullying by claimants, the group was forced to reveal the names of its latest third party litigation funders after RBS asked for details canada goose of its After The Event (ATE) insurance while threatening to file an application for security for buy canada goose jacket cheap costs.
ATE insurance policies cover the risk of losing and paying the other side costs in litigation.
Last week, High Court Judge Robert Hildyard also warned claimants against the Canada Goose sale consequences of a funding gap or shortfall. He was also troubled by inconsistent statements about ATE cover and other statements by the group.
The action group has told the court that its current third party litigation funders include asset recovery and private equity firm Hunnewell Partners (BVI), which says on its website it has a separate and ring fenced litigation funding business.
Hunnewell, which canada goose coats on sale did not respond to requests for comment, is not listed as a member of the Association of Litigation Funders, an independent body that ensures members abide by a code of conduct and maintains a complaints handling procedure.
RBS has estimated its legal costs, from canada goose black friday sale the December uk canada goose outlet settlements to cheap canada goose uk the end of the May trial, at 25 million pounds.
Shareholders lost around 80 percent of their investments when RBS collapsed just months after the 2008 cash call, forcing the government to step in with a 45 billion pound plus bailout.
Former RBS chief executive Goodwin was stripped of his knighthood but kept an annual pension of 342,500 pounds. ($1 = 0.8160 pounds) (Editing by Keith Weir).