$6 Billion Suit Against RBS May Shake Up Securities Litigation in UK

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FRT Admin
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April 23, 2013

The Royal Bank of Scotland (RBS) may have thought they were scot-free of securities class action litigation after the U.S. Supreme Court dismissed charges against the bank in January 2011 as a result of the Morrison case. But a lawsuit filed this month with London’s High Court on behalf of RBS shareholders could awaken old fears. The investors, which include about 12,000 individual RBS shareholders and more than 100 institutional investors, are seeking up to 4 billion pounds ($6 billion). This lawsuit, brought by Bird & Bird, and a similar claim by a group of British and international institutional investors represented by Stewarts Law, are the biggest claims in UK history, according to a Thomson Reuters article.

UK Map

Securities litigation is still finding its place in the UK, but recent developments may have loosened restrictions on outside investment in litigation. Insurers have begun issuing “After the Event” policies, assuming plaintiffs’ risk of having to pay defendants’ fees in dismissed cases. This has opened the door to making securities litigation in the UK more commonplace.

As regulations, restrictions, and litigation vehicles continue to evolve in various jurisdictions across Europe and around the globe, the trend seems to be moving toward a more open understanding and acceptance of group actions. As the scope of securities litigation widens, it is important to have a system in place to track new developments. FRT Global is a unique offering designed to meet the growing demand for research and analysis on non-US settlement recovery opportunities by providing analysis and facilitation of potential recoveries from non-class action settlements for institutional investors.

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