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Criticisms of RBS’ actions have been commonplace in the news in recent months and years. The allegations faced by RBS in relation to the now defunct Global Restructuring Group is that the bank forced thousands of customers into insolvency situations so that they could make a profit from buying their customer’s properties.
Whilst the details of the review scheme are still unknown, what is concerning is that the Royal Bank of Scotland have put Mark Spurin, the manager responsible for the controversial mis-selling redress scheme for interest rate hedging products, in charge of the review concerning GRG. The failings of the review scheme for interest rate hedging products are well-known and have even been subject to Parliamentary scrutiny. It is our view that RBS’ redress scheme in relation to GRG may leave customers disillusioned and out of pocket meaning litigation will be inevitable.
We continue to act for a number of SMEs who continue to fight litigation against the banks in respect of interest rate hedging products who were not adequately compensated in the redress scheme. We have successfully represented and settled cases where clients have been transferred into the GRG and entered into property participation schemes.
The important thing now is for all bank customers who may have been affected by the actions of RBS GRG to be ready to hit the ground running once the review scheme is setup. Our specialist bank claim lawyers can assist you with the review and any other necessary litigation.
If you would like to register your interest with us in regards to the GRG redress scheme, please contact our Banking Litigation team or call us on 0161 941 4000 or complete the enquiry form to the right hand side of this article.
Myerson advise on a wide range of bank litigation disputes including the interest rate mis-selling scandal, disputes surrounding RBS’ Global Restructuring Group, other bank’s conduct in enforcing repayment of borrowings, LIBOR- fixing and other derivative products.