Cherie Booth advises on RBS pension funds suit
Two British pension funds have lined up Cherie Booth QC and US class action specialist Coughlin Stoia Geller Rudman & Robbins to sue the Royal Bank of Scotland for hundreds of millions of pounds. The North Yorkshire and Merseyside council pension funds - which, between them, have a combined value of around £4bn - have instructed Booth (pictured) of Matrix Chambers to seek compensation for them through the US courts.The claim, which implicates the entire RBS board, states that both funds were reassured that the bank was in good health and their investments were safe, when in fact the bank was struggling as a result of of bad loans.
March 16, 2009 at 07:38 AM
2 minute read
Two British pension funds have lined up Cherie Booth QC and US class action specialist Coughlin Stoia Geller Rudman & Robbins to sue the Royal Bank of Scotland for hundreds of millions of pounds.
The North Yorkshire and Merseyside council pension funds – which, between them, have a combined value of around £4bn – have instructed Booth (pictured) of Matrix Chambers to seek compensation for them through the US courts.
The claim, which implicates the entire RBS board, states that both funds were reassured that the bank was in good health and their investments were safe, when in fact the bank was struggling as a result of of bad loans.
The class action has been opened up to any investors wishing to seek compensation in Europe and in the US, with a Dutch metalworkers scheme the only taker so far.
Coughlin founding partner Patrick Daniels is understood to be heading the team in the US obtaining evidence for US investors.
Peter Murphy, a litigation partner at specialist pension firm Sackers: "The US legal system is an ideal forum for these types of claims. US lawyers act on a 'no win, no fee' basis and plaintiffs do not have to pay for the other side's legal costs even if they lose. It is, of course, also based on US securities legislation."
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