RBS faces £4 billion pensions lawsuit ... and Cherie Blair
NEW YORK & LONDON - Royal Bank of Scotland (RBS) is facing a £4 billion class-action lawsuit taken up by Cherie Blair, lawyer and wife of former UK prime minister Tony Blair, over "false assurances" about RBS's financial health prior to collapsing share prices last year.
The North Yorkshire and Merseyside local government pension funds have hired Blair to work on the lawsuit, filed in New York, alongside California-based law firm Coughlin Stoia Geller Rudman & Robbins.
Dutch pension fund and asset manager MN Services has also joined the class action as a co-lead plaintiff, after taking losses to RBS.
The suit names former RBS chairman Fred Goodwin - currently at the centre of a UK political furore over his own large pension package - and the entire RBS board of directors as co-defendants. The lawsuit has been filed in the US, where the law is more flexible to allow class-action lawsuits.
RBS sought government aid and majority state ownership after taking a £24 billion loss for 2008. The New York lawsuit uniquely pits RBS - now 70% owned by the national government of UK prime minister Gordon Brown - against local government authorities.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Republican SEC may focus on fixed income – Peirce
Commissioner also wants a revival of finders’ exemption, more guidance for UST clearing
Streamlining shareholding disclosure compliance
Shareholding disclosure compliance is increasingly complex due to a global patchwork of regulations and the challenge of managing vast amounts of data
Banks take aim at Gruenberg’s brokered deposit rule
Regulatory lawyers question need to reverse 2020 rulemaking just four years later
Time running out to backload Emir derivatives reporting
Significant slice of legacy trades still not ready for new formats, as October 26 deadline looms
Gensler to stick to Treasury clearing timetable
SEC chief promises to keep up the pressure for done-away trades
Clearing houses fear being classified as Dora third parties
As 2025 deadline looms, CCP and exchange members seek risk information that’s usually deemed confidential
Citizens’ growth won’t bow to regulatory thresholds, CRO says
Risk Live: Bank faces stricter capital and liquidity requirements if it crosses $250 billion in assets
FSB promotes convergence on operational incident reporting
As global body proposes common reporting format, official says there may be an optimum time window
