An action group planning a lawsuit this year against Royal Bank of Scotland on behalf of small businesses claiming they were damaged by RBS’s controversial Global Restructuring Group (GRG) is planning further Scottish visits to drum up support.
It follows what RBS GRG Litigation Management (RGL) hailed as a “very successful” meeting with 30 small and medium-sized businesses in Edinburgh last Thursday, who were either already members of the action group or have now joined it.
A spokesman for RGL said yesterday that meeting showed claims against RBS for the actions of GRG in allegedly mistreating small businesses “ranged from £400,000 to multi-million pound losses”.
READ MORE: RBS small business legal claim gains pace
One insider said: “RGL now plans to return to Scotland and is initially looking at dates for Aberdeen and Glasgow, and encourages anyone who believes they suffered loss to get in contact. RGL remains focused on issuing a legal claim towards the back end of this year.”
RGL was founded by James Hayward, an Australian lawyer, and has said it has processed its first 100 claimants. The action group spokesman said: “There is a huge groundswell of support amongst Scottish business for the action we are taking.
“Business owners were ruined by RBS and want compensation – by joining our group they are able to bring RBS to account.” An independent report commissioned by the Financial Conduct Authority into the allegations against the now-disbanded GRG unit is pending, publication having been put back from December 2015.
RBS has always denied wrongdoing.