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Interest rate swap mis-selling lawyers are being urged to join together to fight the banks.
Russell Jones Walker (RJW) litigation head Fraser Whitehead has issued a call to arms to other firms to decide on whether a formal steering group should be established on the scandal.
RJW, which was formally acquired by Australian listed Slater & Gordon in April (13 February 2012), has been recommended by Bully Banks – a campaign group of more than 750 small and medium sized businesses, many of which are high street traders, which claim to have been mis-sold IRSA products.
The recommendation has led to the firm being instructed for more than 225 claimants. Whitehead said he wants to meet other solicitors to review whether coordinated action can be taken to address the issue (20 September 2012).
RJW wants to enable firms to share information and discuss limitation postponement agreements, relationship with the regulatory bodies and the FSA Scheme, pre-action disclosure, expert counsel and potential test cases.
The firm is close to instructing counsel from three separate chambers to run with its cases.
Whitehead said: “IRSA mis-selling is a scandal on a grand scale and we are urging solicitors firms to come together to see how we can get the best possible outcomes for businesses.Individual small businesses struggle to stand up to the bullying tactics of the banks and their lawyers. By joining together as a steering group we aim to level the playing field.”
Other leading firms involved in mis-selling cases include Collyer Bristow, Cooke Young & Keidan, SRB Legal, Bracewell Law, Lexlaw and Hausfeld & Co (2 July 2012).