Article in the Mail on Sunday, 1 April 2018
In an article in the print edition of the Mail on Sunday today it states that: “Signature Litigation, administering the claim, has estimated that half the £200 million will be left for investors after costs.” We have not made or provided an estimation as to that amount, because it is impossible to know the gross amount until all the shares are verified and all costs and liabilities, including undisclosed liabilities of the Action Group Company, are known and resolved. We are continuing with our work to resolve the liabilities and finalise the amounts of further payments due to Claimants. Further information will be provided in updates to the Claimants. The Mail on Sunday has updated its online article accordingly.
Message for SG Group Claimants, 29 March 2018
This is a brief update for the Claimants in the RBS Rights Issue Litigation that are members of the “SG Group” whose claims were originally brought through the RBoS Shareholders Action Group Limited and are now managed on behalf of the Claimants by Manx Capital Partners Limited.
Due to the public nature of this update, you will understand that it cannot contain any confidential or privileged information. If you are a claimant and you have not received our recent update dated 23 March 2018 by Easter, then please do make contact with us.
As previously explained, we are in the process of making interim payments to a large number of claimants. If you do not receive an interim payment, this will be due to the fact that either:
(i) We have not yet received the verification information we have requested – if you have received our correspondence requesting that you provide us with additional verification materials to assist us with verifying your claim, but have not done so, please provide us with supporting evidence as soon as possible and by no later than 30 April 2018; OR
(ii) We did not have written confirmation of your current postal address, and therefore were unable to send you a cheque – if you have not previously confirmed to us your postal address, or sent us correspondence by post, please contact us to confirm your current postal address; OR
(iii) RBS have not yet confirmed that your claim is verified, and therefore we have not yet received payment in respect of your claim and we were not able to make an interim payment – if you have already received confirmation that you have provided us with sufficient information to allow us to submit your claim to RBS for verification and you have provided us with confirmation of your postal address we will not require any further action from you at the present time.
We regret not having been able to make an interim payment to all Claimants at this time. Please be assured that we are working hard to ensure that all issues relating to verification and payment are resolved for every claimant to allow us to make further payments, and we will keep you updated.
If you have any queries about what is required from you, please call 020 3818 3590.
We ask that you bear with us in the meantime.
Article in the Financial Times, 19 March 2018
In an article appearing in the Financial Times newspaper today, reference is made to the settlement of £200 million received by members of the group of Claimants represented by Signature Litigation LLP (the “SG Claimants”).
The article refers to the settlement that took place almost a year ago, which was a reference to the settlement for the other groups. The reference in the article to 82p per share has been achieved by a majority but not all of the SG Claimants, as the Claimants themselves know.
However, the article referred to the verification process being undertaken by this firm (as part of the overall settlement process) and said that some institutional shareholders had already received compensation, whereas retail investors had not. That is not correct.
As the SG Claimants know from the newsletters and updates that we have sent to them, no Claimant, whether institutional or retail, in the SG Group, has received any compensation, for the reasons we have explained.
However, as we have advised all Claimants, we intend to make an interim payment to all Claimants, institutional and retail, who have so far verified. This payment should be with our Claimant clients by Easter.
The article also stated in its headline that the ongoing difficulties in verification and settlement had been caused by disputes between “rival investor claimants“. As Claimants will know, the legal proceedings in relation to this matter are ongoing between Manx Capital Partners Limited (as the delegated agents and managers of the matter) and the RBoS Shareholders Action Group Limited (which was the former agent, but which has never been an investor or Claimant in the Rights Issue litigation).
We have informed the FT of the inaccuracies in their article and they have amended their website copy accordingly, here.
– Update 21 March 2018
The Financial Times has also printed a correction today on the Letters page, as follows:
- A headline on March 19 wrongly suggested there was a dispute between RBS investor claimants who are represented by Signature Litigation LLP: RBS payout stalled by rival investor claimants. The dispute was between RBS Shareholders Action Group, a former agent for investors, and the current agent, Manx Capital Partners. None of Signature Litigation’s institutional or retail investor clients has yet received compensation, due to difficulties in the verification and settlement processes.
Message for SG Group Claimants, 20 December 2017
This is a brief update for the Claimants in the RBS Rights Issue Litigation that are members of the “SG Group” whose claims were originally brought through the RBoS Shareholders Action Group Limited and are now managed on the behalf of the Claimants by Manx Capital Partners Limited.
Due to the public nature of this update, you will understand that it cannot contain any confidential or privileged information. However, we can confirm that we have now written to all Claimants with a detailed update which should be received by each Claimant shortly.
To the extent that you do not receive the written update by 28 February 2018 then please do make contact with us.
If we have written to you requesting that you provide us with evidence to verify your claim and you have not already done so, please send copies of the relevant documents to us as soon as possible. Documents can be sent to SG-GroupVerification@signaturelitigation.com or by post to “FAO Verification, Signature Litigation, 138 Fetter Lane, London, EC4A 1BT.” If you have any queries about the information required, please call 020 3818 3590.
We ask that you bear with us in the meantime.