Businesses phone legal firm to seek representation in action against controversial RBS division
City AM, 12.10.16
A law firm set up solely to sue Royal Bank of Scotland (RBS) has received a large uptick in calls from businesses who wish to be represented in the wake of recent leaked reports into the actions of the bank’s controversial restructuring division.
RGL Management Limited (RGL) said that following the release of the “Dash for Cash” report by BuzzFeed News and the BBC earlier this week, more and more businesses were phoning up for legal assistance in connection with their dealings with RBS and its global restructuring group division (GRG).
Although RGL did not reveal exactly how many companies had been in touch, sources close to the firm said that it had been “fielding calls all day” and expected up to 1,000 businesses to sign up with the firm. Currently RGL is acting for around 140 businesses, a RGL spokesperson said.
The Financial Conduct Authority had been expected to publish an independent report into GRG by the end of 2015, but it has been delayed. This week BuzzFeed News and BBC Newsnight published a leaked bundle of documents, purporting to show the extent staff were encouraged to push businesses into restructuring for the bank’s benefit.
James Hayward, managing director of RGL said: “A lot of the destruction of businesses and lives was carried out with a brutal efficiency that most people would find abhorrent.”
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