Rosenblatt.gif” alt=”Rosenblatts shrugs off big five banks’ clout to challenge RBS” />Niche commercial firm Rosenblatt Solicitors has thrown down the gauntlet to the UK’s big five clearing banks after taking on an instruction to sue Royal Bank of Scotland (RBS).
The City firm issued proceedings in the High Court last Monday (21 March) on behalf of Gibraltar-based property investment company Tartan against RBS, claiming £25m in damages.
Rosenblatts won the mandate to advise Tartan after participating in a beauty parade against two other firms.
The firm’s decision to accept the instruction follows research by The Lawyer last September, which found that any company wanting to sue one of the UK’s five clearing banks would find it virtually impossible to instruct a top City firm.
The Lawyer (27 September 2004) reported that there was a prevailing reluctance in the City to accept instructions against RBS, Halifax Bank of Scotland, Lloyds TSB, Barclays and HSBC.
Rosenblatts senior partner Ian Rosenblatt said he did not believe client choice had been diminished. He told The Lawyer: “The so-called magic circle aren’t the only firms who can do a good job of suing the banks.”
Tartan is suing RBS for alleged misrepresentations made to it by the bank in late 2002 in relation to a complex swap transaction.
An RBS spokesperson said the bank would be “vigorously defending” the proceedings, but declined to comment further.