RJW takes on 100 mis-selling cases against banks
Related images
Russell Jones Walker (RJW) has waded in to the interest rate swap mis-selling litigation after agreeing a deal with campaign group Bully Banks.
Fraser Whitehead
The firm, which was formally acquired by Australian listed Slater & Gordon in April (13 February 2012), is working on close to 100 cases on behalf of small and medium sized businesses who claim to have been mis-sold a financial product by their banks. Litigation head Frazer Whitehead is on standby to lead the claim.
Bully Banks is a collection of around 750 businesses, many of which are high street traders, and it has recommended that its members to instruct RJW Slater & Gordon to represent them.
Whitehead said the firm will respect those clients who have already instructed solicitors, but hopes its overarching role can assist in managing the group of cases by identifying the key contentious issues.
The firm is close to reaching an understanding with two sets over who to instruct as counsel.
Whitehead is also hoping to work with with other leading firms involved in mis-selling cases such as Collyer Bristow, Cooke Young & Keidan, SRB Legal, Bracewell Law, Lexlaw and Hausfeld & Co (2 July 2012).
He said: “Interest rate swap agreements (IRSA) mis-selling is another example of rogue practices within numerous UK banks.
“The mis-selling of IRSAs was an abuse of trust perpetrated against small businesses who didn’t have the financial expertise to understand the implications of what they were signing.
“These were sophisticated financial instruments sold to them by high pressure salesmen purporting to be impartial advisors. Banks should be supporting small businesses, not ripping them off.
“The FSA’s response to date has been wholly inadequate and unfair to the victims of this scandal. Bully-Banks and RJW Slater & Gordon are absolutely determined to secure appropriate redress.”
Readers' comments (2)
Alistair Mitchell | 20-Sep-2012 7:49 pm
Bully Banks announced that RJW would consider taking on IRSA claims under a CFA agreement after appraising the prospects for a fee of £2,000 plus VAT. This is considerably more than many counsel would charge for an initial advice. One wonders whether RJW will be the only lawyers present at Bully Banks' members-only conference on 30 September 2012. It would surely benefit the victims of IRSA swaps to know of all the competitive alternatives in the field of legal advice.
Unsuitable or offensive? Report this comment
Nihaal Singh | 21-Sep-2012 10:30 am
The FSA’s response to date has been wholly inadequate -
We have a client who complained to FSO in the early stage of the miss-selling.
FSO threw out his case on the initial review which were 95% in favour of the banks
After the FSA found serious miss-selling by the banks the client phoned the FSO and was told that he should write in and that they will look at his case again in the light of the FSA finding. He will not have to join the que as he was an unsophisticated customer.
After resubmitting the case he was told that FSO cannot look at his case again as the original FSO decision was final and cannot be appealed against.
Client asked why was he not told this before and the reply was he had to write in before they could tell him that their decision was final.
It is obvious that complaining to the FSO is a total waste of time.
Nihaal Singh
Unsuitable or offensive? Report this comment