... Treasury to large compensation … SMEs and relevant stakeholders (eg Directors and shareholders) that have suffered because of RBS and NatWest’s GRG recovery practices should take urgent legal advice on the GRG Review scheme. Compiled three years ago, the review claimed that executives at many companies were ‘forced to stand by and watch an otherwise successful business be sunk by the decisions of the bank’. The taxpayer-backed lender will deny allegations it sought to profit from their suffering, but it will at last acknowledge that some company owners are entitled to a payout. Not surprisingly the Bank found many ways to avoid redress and strong legal representation was necessary for customers to secure proper redress. More than two-thirds of its 225,000 staff have been let go. Royal Bank of Scotland is being ... (GRG). In addition to the £10m compensation for direct losses, RBS claims it has offered £115m in automatic refunds for fees charged by GRG. General . An estimated £1 million of this may be needed to run the compensation scheme, leaving only £3 million in the compensation ‘pot.’ RBS Dodges A Bullet Despite £400 Payout To Small Business Customers. Specific legal advice about your circumstances should always be sought. It follows years of criticism which were first met with a staunch defence from the lender – even though as far back as 2009, City bankers were saying they would ‘take the keys’ of properties if they could not get their money back during the financial crisis. We have issued more litigation against RBS in respect of it’s past reviewed misconduct than any other law firm in the UK. Last month, campaigners who formed the RBS GRG Action Group called on the bank to pay out at least £2bn to 50 affected businesses. RBS chief executive Ross McEwan has already admitted that the bank, which owns NatWest, made mistakes. RBS shares opened down 0.7 per cent at 185p on Tuesday. All GRG victims should note that that their legal rights will expire (to the satisfaction of RBS) unless legal action is taken to preserve these legal rights. Thousands of small-business owners are finally set to get compensation over claims their firms were destroyed by RBS. Lloyds HBOS compensation review scheme: What did HBOS do wrong? Pressure on Government to slash RBS payouts after global banking retreat on bonuses. Hope you're having a lovely weekend so far! RBS announced last month that SME customers will automatically be entitled to a refund of the fees that they were charged whilst being managed by the Bank’s Global Restructuring Group (GRG) between 2008 and 2013 following a review by the FCA. This follows the … Enter your email to receive 'Litigation Matters' legal news. Royal Bank of Scotland has admitted it could be forced to pay compensation over allegations it deliberately destroyed businesses. Harry Wilson, City Editor of the Times newspaper has today reported that Mark Spurin will take charge of the RBS GRG Review compensation scheme for ‘impacted SMEs’. The bank will today admit that mistakes were made by its infamous global restructuring group – an operation which was meant to be a rescue unit for struggling companies during recession. tweet and link to Reddit thread fuels 50 PER CENT surge in GameStop shares as amateur investors inflate struggling video game company's value to more than $10BILLION, Missing Michigan couple and their eight-month-old baby son are found dead outside their truck after 'getting stuck in the woods', NYPD officer, 31, is shot in the back while on plainclothes patrol in the Bronx as suspect, 24, is taken into custody, Texas father-of-five, 35, is shot dead after confronting the parents of a teen boy who had been 'cyberbullying his 15-year-old daughter for nine months', Social media triggers a sharp decline in teenagers' mental health, causing the most damage to the self-esteem of girls aged 14 to 17, study finds, 'This is historic snow': More than 200 flights are canceled and 100million people face travel chaos as up to 15 inches blankets the Midwest from Iowa to Ohio during storm, The Big Ugly Fat Fella flies into the future: Seventy years after the first B-52, the world's most brutal bomber has an awesome new role - to take on China, Senator Patrick Leahy, 80, is rushed to hospital after being sworn in to preside over Trump's second impeachment -  but is released home following tests and his wife says 'he could be back at work today', Biden plans to replace ENTIRE federal fleet of 645,000 cars and trucks with American-made electric vehicles - but won't say if that includes presidential limo 'The Beast'. RBS declined to comment. RBS have set up an independent committee to assess the claims of those who were impacted by GRG. By Simon Duke for MailOnline Updated: 08:58 EDT, 20 January 2010 I’ve been a Royal Bank of Scotland (RBS) shareholder since 2001, and have read recently that shareholders are being paid compensation of more than 80 pence a share. What is the RBS Global Restructuring Group (GRG)? The decision – due to be announced this morning before markets open – is likely to be welcomed by entrepreneurs who saw their livelihoods, homes and marriages destroyed as their businesses went bust. Message for SG Group Claimants, 20 December 2017 Distressed customer relationships are now handled by the Restructuring Group. The GRG complaints process is for SME customers that were in GRG during the period 2008-2013. The dispute was between RBS Shareholders Action Group, a former agent for investors, and the current agent, Manx Capital Partners. Requests for Further Information (CPR 18), Urgent Injunctions: How to obtain a Freezing Order, BII Claims: 10 reasons why we can obtain optimal compensation, What the Supreme Court judgment in BII test case means for COVID-hit businesses, No Win No Fee Solicitors for Business Interruption Insurance Claims, Aviva mis-selling: Hidden swaps and break costs in fixed rate loans, Nationwide TBL mis-selling: Hidden swaps and break costs in fixed rate loans, West Bromwich Building Society loan mis-selling: Hidden swaps and break costs, Bank Business Support & Loan Recovery Claims GRG, FCA RBS GRG Review (Global Restructuring Group). Has nonetheless been facing a string of lawsuits from bosses who believe they suffered unjustly explosive last... The contents above are those of our users and do not necessarily reflect the views expressed in the coming.! Late last year was necessary for customers to secure proper redress then an... 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