Quinn Emanuel, Stewarts and Bird & Bird gear up for RBS rights battle
Quinn Emanuel Urquhart & Sullivan and litigation boutique Leon Kaye have formally joined the £4bn shareholder battle brought against the Royal Bank of Scotland (RBS) over its 2008 rights issue.
Leon Kaye, Quinn Emanuel, Stewarts Law and Bird & Bird are now all representing claimants suing the bank over a 2008 £12bn rights issue which investors allege was defective and contained “material misstatements and omissions”.
The firm was the first to issue a claim against the bank, in March 2013, on behalf of investors claiming they were misled about the health of the bank when they invested.
In November, Baker submitted a witness statement to the court in which he said losses were the equivalent of around £900m in shares and that the total acquisition value of those shares would be £1.25bn.
The next hearing for the case will take place in November when costs could be discussed again.
RBS has turned to Herbert Smith Freehills (HSF) for the case, which submitted a £42m cost estimate at the end of 2013.
HSF is also representing Lloyds in its own shareholder dispute launched this month by 220 investors against the bank’s 2008 takeover of HBOS.
Source: thelawyer
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