Bird & Bird kicked off £4bn RBS group action, replaced by Fladgate
Bird & Bird has been kicked off the £4bn High Court battle between Royal Bank of Scotland (RBS) and a group of former shareholders over a 2008 rights issue, with Fladgate replacing the firm on the mandate.
November 17, 2014 at 09:03 AM
2 minute read
Bird & Bird has been kicked off the £4bn High Court battle between Royal Bank of Scotland (RBS) and a group of former shareholders over a 2008 rights issue, with Fladgate replacing the firm on the mandate.
Led by dispute resolution practice group head Steven Baker, Bird & Bird had been acting for former shareholders of the bank, who are claiming they were misled into participating in RBS' £12bn rights issue at the height of the financial crisis, incurring significant losses as a result.
A statement from Bird & Bird suggests that the shareholders, collectively known as Action Group, decided to remove the firm from the claim following problems with the payment of fees.
Fladgate partner Steven Mash took over the group's claim last week and has retained Serle Court's Philip Marshall QC.
The statement from Bird & Bird said: "In what is a very complex and substantial claim our team has worked extremely hard for the group of claimants to ensure their case has been taken forward effectively, and we have continued to work on their behalf despite issues with receiving payment of our fees from the Action Group. We are therefore disappointed that the Action Group has chosen to take the decision to dis-instruct us, but we wish the claimants success in their ongoing legal dispute".
Herbert Smith is advising RBS and a group of former directors who are also the subject of the claim, including former chief executive Fred Goodwin.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All![Slaughter and May Leads As Government Buys Back £6 Billion of Military Homes Slaughter and May Leads As Government Buys Back £6 Billion of Military Homes](https://images.law.com/cdn-cgi/image/format=auto,fit=contain/https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/bb/0c/f656c49b46259f6dd418460052f5/adobestock-484641560-767x633-1.jpg)
Slaughter and May Leads As Government Buys Back £6 Billion of Military Homes
2 minute read![LatAm Moves: DLA Piper Chile, Brazil’s Demarest Build Out Disputes Muscle LatAm Moves: DLA Piper Chile, Brazil’s Demarest Build Out Disputes Muscle](https://images.law.com/cdn-cgi/image/format=auto,fit=contain/https://images.law.com/international-edition/contrib/content/uploads/sites/378/2024/03/Lateral-Hiring-767x633-2.jpg)
LatAm Moves: DLA Piper Chile, Brazil’s Demarest Build Out Disputes Muscle
![Kingsley Napley and Lord Pannick Spearhead Private Schools' Challenge to Government VAT Policy Kingsley Napley and Lord Pannick Spearhead Private Schools' Challenge to Government VAT Policy](https://images.law.com/cdn-cgi/image/format=auto,fit=contain/https://images.law.com/contrib/content/uploads/sites/378/2023/11/Palace-of-Westminster-767x633.jpg)
Kingsley Napley and Lord Pannick Spearhead Private Schools' Challenge to Government VAT Policy
![Spain Loses Appeal as London Court Rejects Claim of Immunity in €101 Million Arbitral Award Enforcement Spain Loses Appeal as London Court Rejects Claim of Immunity in €101 Million Arbitral Award Enforcement](https://images.law.com/cdn-cgi/image/format=auto,fit=contain/https://images.law.com/contrib/content/uploads/sites/378/2022/05/IMG_4462-1-767x633.jpg)
Spain Loses Appeal as London Court Rejects Claim of Immunity in €101 Million Arbitral Award Enforcement
Trending Stories
- 1Meta Hires Litigation Strategy Chief, Tapping King & Spalding Partner Who Was Senior DOJ Official in First Trump Term
- 2Courts Beginning to Set Standards for Evidence Relying upon Artificial Intelligence
- 3First-Degree Murder Charge May Not Fit Mangione Case
- 4Legal Tech's Predictions for Legal Ops & In-House in 2025
- 5SDNY US Attorney Damian Williams Lands at Paul Weiss
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250