RBS’ £43m legal bill

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.

Herbert Smith Freehills (HSF) has stepped up for RBS, fielding litigation partner Adam Johnson who has instructed Serle Court’s David Blayney QC.

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.

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