Let's take on bank, urges ex-QC

12 April 2012

A former QC who has taken a civil action against the Royal Bank of Scotland accusing it of negligence has said he hopes other shareholders will take on the bank.

Ian Hamilton, 83, has accused the banking giant of concealing the state of their finances and has brought the case to the small claims court at Oban Sheriff Court, Argyll, and Bute.

RBS is arguing the case should be moved to the higher, sheriff court but Mr Hamilton says it should remain in the lowest court in the interests of democracy.

At a preliminary hearing, a sheriff adjourned the case until next week after hearing arguments from both sides.

Mr Hamilton - who took part in a famous Christmas Day raid to seize the Stone of Destiny almost 60 years ago - claims the bank was insolvent when it sold him shares and is hoping to claw back his investment.

The pensioner has said he will immediately abandon the case if it goes to a higher court, as he fears if his action is unsuccessful he may have to pay substantial expenses.

He said: "There are lots of wronged people who have bought these shares and they should be crowding into the sheriff court. I shouldn't be having to argue this.

"I'm hoping a whole crowd of others will come out, or else that some of the big financiers who have showed a great deal of interest in the case will come along and say 'Ian we will back you and will pay for lawyers to appear in court'."

Mr Hamilton alleges RBS concealed the true state of its finances when he bought stock worth £1,282 in a rights issue last year on his wife's behalf. He bought 640 shares at £2 a share. RBS shares are currently valued at just over 20p.

The bank recently came close to collapse and is now 68% owned by the taxpayer after being given £20 billion of state support. Mr Hamilton alleges the bank was "negligent in representing themselves as solvent at all material times when in fact they were insolvent".

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