Sources claim costs have doubled
RBS facing £90m legal bill over shareholder action
The figure is double the previous estimate of approximately £48m and represents the firm’s costs for the trial due to begin in December 2016.
Sources in the legal profession say even this latest figure was “on the low side” given the fees expected to rack up if subsequent court applications are made.
It is understood that HSF has about 160 lawyers and fee-earners working on the case, reviewing six million documents related to shareholders’ claims against the bank’s 2008 rights issue.
Claimants claim the bank’s £12bn share issue was defective and contained material misstatements and omissions.
They are being represented by Stewarts Law, Signature Litigation, Leon Kaye and Quinn Emanuel Urquhart & Sullivan.