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AlfredJPruffock
18th March 2009, 15:32
Mrs Blair said she agreed to take on the case because of the "massive losses inflicted on local authority pension schemes and other UK institutions who were the largest investors in RBS".



Two local authority funds are to sue the bank and its former chief executive (Mr Goodwin through the American courts over "massive losses" incurred when it was bailed out and the share price collapsed.

North Yorkshire and Merseyside council pension funds claim that Sir Fred and RBS "falsely reassured" investors on numerous occasions that the bank was in good health when it was "effectively insolvent" due to bad loans.



Mrs Blair said she agreed to take on the case because of the "massive losses inflicted on local authority pension schemes and other UK institutions who were the largest investors in RBS".

She said: "It's also about the potential to protect investors in the future by significantly raising the standards for good governance in major UK companies."

The class action lawsuit is open to all European and US investors in RBS to join.

Mrs Blair, who is better known for her work as a human rights and employment lawyer, added that she would coordinate with other RBS shareholders "with the aim of securing justice for as wide a pool of affected investors as possible".

The two councils' pension funds have a combined value of about £4 billion.

Mrs Blair is working alongside Coughlin Stoia Geller Rudman & Robbins, the Californian law firm, which secured $7 billion in compensation for Enron investors.

Although RBS and the funds are British, they can bring the lawsuit in the US because RBS conducted a significant amount of business there.

Mrs Blair told The Times: "Most of the problems that have brought the bank to its knees have originated and have been concealed in its US operations."

Mich the Tester
18th March 2009, 15:36
Whichever way you look at it, the B Liar family were bound to find a way of profiting from all this mess.

AlfredJPruffock
18th March 2009, 15:40
Whichever way you look at it, the B Liar family were bound to find a way of profiting from all this mess.

Or course - where you find muck and misery - lift the stone and there too you will find a Blair - or two.

Sysman
18th March 2009, 15:48
Although RBS and the funds are British, they can bring the lawsuit in the US because RBS conducted a significant amount of business there.

Mrs Blair told The Times: "Most of the problems that have brought the bank to its knees have originated and have been concealed in its US operations."

Not to mention the huge fees lawyers in the US can command. Isn't it usually a percentage of the winnings for cases such as this there?

Ruprect
18th March 2009, 15:59
Not to mention the huge fees lawyers in the US can command. Isn't it usually a percentage of the winnings for cases such as this there?

At least its not the taxpayer that will have to stump up the cash if they win the case!

What? Eh? oh...