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QC abandons RBS 'negligence' case | QC abandons RBS 'negligence' case |
(about 2 hours later) | |
A retired QC has abandoned his legal action against Royal Bank of Scotland over the purchase of its shares. | A retired QC has abandoned his legal action against Royal Bank of Scotland over the purchase of its shares. |
Ian Hamilton wanted his case to be heard in the small claims court in Oban to limit his expenses to £150. | Ian Hamilton wanted his case to be heard in the small claims court in Oban to limit his expenses to £150. |
But a sheriff ruled that the legal and factual complexity involved meant it should be heard in a higher court. | But a sheriff ruled that the legal and factual complexity involved meant it should be heard in a higher court. |
Mr Hamilton alleged RBS was negligent when it sold him shares last year - the value of which later collapsed, prompting a massive public bail-out. | Mr Hamilton alleged RBS was negligent when it sold him shares last year - the value of which later collapsed, prompting a massive public bail-out. |
Mr Hamilton, from North Connel, Argyll, bought 640 shares at £2 each in last April's rights issue. The shares are now valued at about 23p. | Mr Hamilton, from North Connel, Argyll, bought 640 shares at £2 each in last April's rights issue. The shares are now valued at about 23p. |
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. |
READ THE RULING class="" href="http://news.bbc.co.uk/1/shared/bsp/hi/pdfs/26_02_09_hamilton.pdf">Ian Hamilton QC v RBS - Sheriff's decision [68KB] Most computers will open this document automatically, but you may need Adobe Reader href="http://www.adobe.com/products/acrobat/readstep2.html">Download the reader here | |
When he launched his action, the retired QC said he was "sheltering under the rule" that in the small claims court expenses were limited to £150. | When he launched his action, the retired QC said he was "sheltering under the rule" that in the small claims court expenses were limited to £150. |
RBS argued the case should be heard in a higher court due to its "complexity". | RBS argued the case should be heard in a higher court due to its "complexity". |
On Thursday, Sheriff Simon Pender agreed with the bank's position. | On Thursday, Sheriff Simon Pender agreed with the bank's position. |
This meant Mr Hamilton could have been liable for significant costs if he had pursued the action further and lost. | |
He announced his decision to abandon the action after the judgement was delivered. | He announced his decision to abandon the action after the judgement was delivered. |
Mr Hamilton is well known for his exploits while he was a law student at Glasgow University. | 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 was believed to have been plundered from Scone Abbey in 1299 by Edward I of England. | It was believed to have been plundered from Scone Abbey in 1299 by Edward I of England. |
The students held onto it for a year before leaving it in Arbroath Abbey. | The students held onto it for a year before leaving it in Arbroath Abbey. |