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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.
'Legal complexity' 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.
RBS launched a £12bn rights issue in April 2008This meant Mr Hamilton could have been liable for significant costs if he had pursued the action further and lost. 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.