A round of expensive litigation looms for state-owned Royal Bank of Scotland (RBS), which told the High Court that it is going to have to dig deep to defend a potential £4bn group action from former shareholders.
The bank reckons that legal bills could top £42m if the case continues to attract claimants. Quinn Emanuel Urquhart & Sullivan could be the latest firm to join the legal line-up representing three of Britain’s biggest fund management groups, Prudential, Legal & General and Standard Life.
There was standing room only in court yesterday as Mr Justice Hildyard told those wanting to join the fray that they’d better get a move on or face penalties.
The battle is shaping up to be one of the showdowns of 2014 at a cost that we’ll all have to bear.
Also on TheLawyer.com:
- Cadwalader Wickersham & Taft adds to its London asset-backed securitisation team with the hire of two partners from Mayer Brown into its global capital markets practice
- Morrison & Foerster (MoFo) has successfully defended a professional negligence claim in the High Court
- Clifford Chance has been appointed as the official legal advisor to Rugby World Cup (RWCL) ahead of the 2015 competition