I have written before (on my old blog) about Ian Hamilton’s Blog which is always controversial and entertaining.
Ian first came to public attention in 1950 when he and some fellow students nicked the stone of destiny from Westminster Abbey. He’s since been a member of, as well as being a thorn in the side of, the establishment. If you have a look at his blog you’ll see he’s no ordinary QC.
I had read last week of his action against the Royal Bank of Scotland. He claims that the bank were insolvent when he invested a small amount with them last year. This is from the Oban Times (thanks Iain M for passing this on):
FORMER QC Ian Hamilton, North Connel, has raised an action against the Royal Bank of Scotland (RBS) in the small claims court in Oban.
He claims that at the time he bought his wife 640 shares at £2 each in the bank’s £12 billion rights issue last May, the bank concealed the true state of its finances and is pursuing the bank for the return of his £1,282.
Those same shares were worth just 12 pence this week and the bank announced losses of £28 billion, with the UK government pumping billions into the bank taking its share holding to 70 per cent.
Mr Hamilton, who said he would represent himself in the civil action, said: ‘I have found a way in which to bring this bank to account in this small claims action, which is for people like me who have lost a little bit of money.
‘The RBS can afford lawyers who can take this out of the reach of ordinary people.
‘I am claiming the bank was insolvent at the time of the share issue and the prospectus for this specific rights issue didn’t reflect the true position of the bank.
‘Gordon Brown is just going to leave it to the Financial Services Authority when someone gets away with this amount of money; this is not just a Russian oligarch’s money, it is ordinary people’s money.’
He said the trust in the Royal Bank of Scotland went back generations, with his parents having shares in the bank and it being seen as a safe place to invest money.
‘The Royal Bank of Scotland as a great institution is gone – all because of greed.’
Mr Hamilton is not alone in his sentiments, with the list of people adding their support to his cause and calling for a ‘class’ action on his online blog growing every day.
Some are even pledging financial support for Mr Hamilton’s claim.
Mr Hamilton, who was one of the four students on Christmas day in 1950 who seized the Stone of Destiny from Westminister Abbey, intends to call directors of RBS to give evidence about its finances at the time of the rights issue.
If he is successful in keeping the action at Oban Sheriff Court and winning, it could open the door for thousands of shareholders to take legal action against the bank.
RBS has said it will defend the action ‘vigorously’.