Lawyers acting for businesses affected by Royal Bank of Scotland’s turnaround division have demanded that the bank preserve “critical evidence” before a planned group legal action.
Quinn Emanuel, an American law firm, has written to RBS highlighting concerns that a decision to close the global restructuring group (GRG) could lead to key evidence being lost.
The firm represents a Business Action Group which is made up of shareholders and affected directors who say GRG’s activities led to the failure of otherwise viable companies.
They say that the bank charged excessive fees, deliberately causing customers to default and undervalued their assets before buying them through the bank’s own property division, West Register.
Revenue & Customs is understood to be looking into related concerns that banks and