RBS Class Action Leon Kaye Solicitors, Should I pay £15 to join?

terry2

barak wrote: »

There is also an action group set up by Roger Lawson, Communications Director of the UK Shareholders' Association.

http://www.rbosaction.org/index.htm

I'm tempted to join one of these groups, but although it's pretty clear that the RBS board knew - or should have known - much more of their disastrous situation than was disclosed at the time of the Rights Issue, I wouldn't bet on shareholders getting any compensation.

well that's RBS, but there is also a UKSA group for B&B. Now with respect to B&B there are two action groups - with two separate cases. The UKSA action is against the goverment trying to get fair/better compensation for the B&B nationalisation. The Leon Kaye action is against B&B and its board for the rights issue which is claimed to be fraudulent given that the board must have known that statements in the prospectus were untrue.

As I recall from the Leon Kaye letter they suggest a 'fee' for joining the action which varied depending on the number of shares you held, but you could pay a different amount if you want to.

jdwrexham

Have received a letter today and the price has now gone up to £20!
Not impressed with the letter, a country solicitor wouldn't send out a photocopy on cheap paper never mind a city one.
Main problem as I see it is that the fee is only for membership, leaving them open to come back for more and they will not provide any telephone information re progress. I maqy be cynical but this doesn't seem to pass the smell test to me.
Jdwrexham.

distalbans

jdwrexham wrote: »

Have received a letter today and the price has now gone up to £20!
Not impressed with the letter, a country solicitor wouldn't send out a photocopy on cheap paper never mind a city one.
Main problem as I see it is that the fee is only for membership, leaving them open to come back for more and they will not provide any telephone information re progress. I maqy be cynical but this doesn't seem to pass the smell test to me.
Jdwrexham.

Maybe £20 is the level they have set for all their late July letters? I too received this poorly produced letter and demand for £20 but thank goodness was suspicious enough to check this forum before paying up. Thanks to all the previous posters. On balance I don't think I'll be getting my cheque book out.

Masomnia

I really wouldn't bother, I doubt you have a case, taking on the government etc. Probably just throwing good money after bad. Forget about the shares, and hope that in a few years you will have made a reasonable return. That would be my advice

voluntary

Have received a follow up letter today, from Leon kaye, asking for a further contribution from share buyers to pursue the claim for mi-sold shares.
Does anyone believe there is any point in carrying on this action?

Linton

voluntary wrote: »

Have received a follow up letter today, from Leon kaye, asking for a further contribution from share buyers to pursue the claim for mi-sold shares.
Does anyone believe there is any point in carrying on this action?

I dont believe there is any point at all, unless possibly if you had a substantial holding (£millions). In the very unlikely event of an action succeeding what do you think your % of the total compensation, presumably paid by ex-board members, would amount to? Probably better off investing the money in more RBS shares.

Has anyone heard of any results of this class action?