Pension funds hire Cherie Blair to sue RBS
Monday 16th March 2009, 10:32AM GMT.
British pension funds have hired Cherie Blair to sue Sir Fred Goodwin and other Royal Bank of Scotland board members through the US courts, according to a report.
The Times has reported a group of investors has retained the former prime minister’s wife in her professional capacity as Ms Booth QC, to claim compensation from the bank.
North Yorkshire and Merseyside council pension funds claim Sir Fred, the former chief executive of RBS, reassured investors on many occasions that the bank was in good shape, when it was “effectively insolvent”.
Both funds have lost money from investing in the bank, after the share price plunged.
Ms Booth, who usually takes on employment law and human rights cases, told The Times she became involved because of the “massive losses inflicted on local authority pension schemes and other UK institutions who were the largest investors in RBS”.
She added: “It’s also about the potential to protect investors in the future by significantly raising the standards for good governance in major UK companies.”
The case, which has been submitted to a New York court, reportedly names RBS and its entire board of directors, including the former chairman Sir Tom McKillop, as defendants.
The funds can bring the lawsuit in the US, where the courts are less expensive, because RBS conducted a lot of its business in the country.
RBS has made no comment on the report.
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
