Claimants in epic Royal Bank of Scotland rights case expecting first payment from £200m settlement

Two men are pictured in a branch of the
Claimants expecting first slice of £200m RBS settlement by Easter (Source: Getty)

Claimants in the long-running Royal Bank of Scotland (RBS) rights case are expecting to receive a slice of the £200m settlement, nearly a year after the case was resolved.

Law firm Signature Litigation confirmed that it was planning on making an interim payment to claimants by Easter, the first made since the case was settled in June 2017.

Read more: RBS investors forced to wait longer for pay-out amid legal dispute

Thousands of RBS investors won £200m from the bank in June 2017 over claims that it misled shareholders over the health of the bank before a rights issue in 2008.

Shareholders are yet to receive a penny of the settlement following a disagreement over the verification of shareholders.

Manx Capital Partners, one of the major claimants, is acting as the delegated manager of the claims against RBS.

Manx is currently involved in a disagreement with the previous agents for the claimants, the RBS Shareholder Action Group.

Manx claims that the Action Group has not handed over key information that will allow a financial settlement to be completed, something that is disputed by the Action Group.

Next month Manx plans to ask the court to compel the Action Group to hand over all of its books and accounts related to the litigation.

Read more: RBS’s return to profit welcome but will taxpayers ever see their £45bn?

A spokesperson for Signature Litigation said: “We and Manx are keen to get to the bottom of the action group company’s financial and other dealings so that we can settle all legitimate costs and pay everything that is due to the claimants as soon as possible.”

The RBS Shareholder Action Group and RBS declined to comment.

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