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This derivative dispute with Opal Property of is one of the largest facing High Court cases facging RBS in the UK
Opal Properties (and now Stuart Wall) client of Vedanta Hedging has been working with Vedanta Hedging for over three years in an attempt to sue RBS for mis-selling complex derivatives. Mr Wall, has also included a new allegation in documents lodged with the high court that false Libor submissions were known about ‘at a high level’ and included sterling Libor manipulation.
The Royal Bank of Scotland has been scrutinised for ‘splashing out’ taxpayer cash on the court battle against Opal Property. Litfun the company funding Wall’s case, slammed RBS’s ever increasing legal bill over the amount of security Litfun and Wall should stump up in case it loses. The on-going battle has quadrupled to nearly £18 million from £4 million two years ago. RBS has hired over 22 Dentons and six counsels to fight the claim, with two lead counsels receiving £1.2 million and £1 million each.
The cost of the Rolls-Royce service is irrecoverable from Mr Wall and Litfun.
RBS has been previously criticised over high legal costs, with the judge in the shareholder action group claim blasting the company after it racked up more than £100 million in costs.
