Hundreds of business owners affected by Royal Bank of Scotland’s “turnaround” division for struggling companies are planning to sue the bank through a group legal action.
Small and medium-sized companies who claim that they were exploited and, in some cases, destroyed as a result of the activities of the bank’s global restructuring (GRG) division are joining forces to seek compensation from the lender.
The RBS GRG Business Action Group has appointed Clyde & Co, the law firm, to review allegations that viable companies were forced out of business. It said that about 800 companies had come forward to be considered for the planned action and 200 cases were being reviewed “in detail” with a view to compiling a group litigation case.
The government’s role in