The highly complex Royal Bank of Scotland 2008 rights issue litigation has seen Bird & Bird’s dispute resolution head Steven Baker criticised at the High Court over a £500m fluctuation in the value of the claim.
In his fifth witness statement to the court in November Baker, who represents John Greenwood and the RBoS Shareholders Action Group Limited, with around 12,000 retail and around 100 corporate, institutional and charitable members (the BB Action Group), told the court: ‘the losses suffered by the members of the BB Action Group who have actually issued proceedings so far would equate to approximately £900m…and the total acquisition value of those claimants’ shares is £1.25bn.’
