Russell Jones Walker (RJW) has waded in to the interest rate swap mis-selling litigation after agreeing a deal with campaign group Bully Banks.
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.”