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| Court fight over RBS 'insolvency' | Court fight over RBS 'insolvency' |
| (about 2 hours later) | |
| A former QC is taking the Royal Bank of Scotland to court, claiming the company concealed the "true state" of its finances when it sold him more shares. | A former QC is taking the Royal Bank of Scotland to court, claiming the company concealed the "true state" of its finances when it sold him more shares. |
| Ian Hamilton, 83, said RBS was already insolvent when it launched a £12bn rights issue in April last year. | Ian Hamilton, 83, said RBS was already insolvent when it launched a £12bn rights issue in April last year. |
| RBS said it would defend itself vigorously. | RBS said it would defend itself vigorously. |
| Mr Hamilton, one of a group which took the Stone of Destiny from Westminster Abbey in 1950, will take on RBS at Oban Sheriff Court's small claims court. | |
| The former lawyer, from North Connel, Argyll and Bute, bought 640 shares at £2 per share in April's rights issue. The shares are now valued at less than 20p. | The former lawyer, from North Connel, Argyll and Bute, bought 640 shares at £2 per share in April's rights issue. The shares are now valued at less than 20p. |
| Bank's downfall | Bank's downfall |
| The bank recently came close to collapse and is now 68% owned by the taxpayer after being given £20bn of state support. | The bank recently came close to collapse and is now 68% owned by the taxpayer after being given £20bn of state support. |
| In addition, RBS has said it will post a loss of about £28bn when it publishes its full-year results later this month. | In addition, RBS has said it will post a loss of about £28bn when it publishes its full-year results later this month. |
| Mr Hamilton also hopes the case will answer some questions over the bank's downfall. | Mr Hamilton also hopes the case will answer some questions over the bank's downfall. |
| "We've had a parliamentary committee inquiry, in which everyone has said they were terribly sorry but they didn't tell us what they had actually done," he said. | "We've had a parliamentary committee inquiry, in which everyone has said they were terribly sorry but they didn't tell us what they had actually done," he said. |
| The pensioner said the writ he had lodged in court stated that the bank invited shareholders, including his wife, to invest in a rights issue and that he took up the offer on her behalf. | The pensioner said the writ he had lodged in court stated that the bank invited shareholders, including his wife, to invest in a rights issue and that he took up the offer on her behalf. |
| He alleged RBS induced him to invest his money by "concealing the true state of their finances". | He alleged RBS induced him to invest his money by "concealing the true state of their finances". |
| And he alleged the bank was "negligent in representing themselves as solvent at all material times when in fact they were insolvent". | And he alleged the bank was "negligent in representing themselves as solvent at all material times when in fact they were insolvent". |
| An RBS spokesman said he was aware of the case but declined to comment further ahead of the legal proceedings. | An RBS spokesman said he was aware of the case but declined to comment further ahead of the legal proceedings. |
| Mr Hamilton is well-known for his exploits while he was a law student at Glasgow University. | |
| He and three friends broke into Westminster Abbey on Christmas Day 1950 and took the iconic stone on which Scottish kings were crowned. | He and three friends broke into Westminster Abbey on Christmas Day 1950 and took the iconic stone on which Scottish kings were crowned. |
| It had been plundered from Scone Abbey in 1299 by Edward I of England. | It had been plundered from Scone Abbey in 1299 by Edward I of England. |
| The students held on to it for a year before leaving it in Arbroath Abbey. | The students held on to it for a year before leaving it in Arbroath Abbey. |