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UK institutions begin hearing against RBS over £12bn share issue

first_imgFive UK institutional investors challenging the Royal Bank of Scotland (RBS) over a £12bn (€15bn) share issue in 2008 have begun legal proceedings against the bank in a court in London.Pension fund Universities Superannuation Scheme (USS), asset managers Aviva Investors and Legal & General Investment Management (LGIM) and insurers Prudential and Standard Life will commence legal proceedings today in London’s Royal Courts of Justice (RCJ).Today’s case management hearing is a pre-argument meeting of the two parties, with legal cases to be put forward soon after, IPE understands.The legal challenge relates to the institutional investors allegedly being misled at the issue that RBS announced in order to shore up its books after a controversial takeover of Dutch bank ABN AMRO. RBS was bailed out by the UK government only months later.The institutions, represented by legal outfit Quinn Emmanuel, are set to argue that misleading information was provided as the bank asked shareholders to increase stakes in the April 2008 share issue.At the time of issue, RBS was trading at £34.60 per share, which then plummeted to £4.94 by the end of 2008.The bank faced near collapse around six months after the £12bn share issue, only to be bailed out by UK taxpayers, with the government still retaining an 81% stake.The lawsuit is expected to be the tune of £1bn in compensation from the bank.However, when the case was launched in April this year, the exact split among the five claimants was yet to be decided.The case follows on from a group of more than 100 institutional investors making a similar case in April 2013.RBS, USS, Prudential, LGIM and Aviva Investors all declined to comment further on the latest meeting regarding the case.last_img read more

Martyn Irvine announces retirement from cycling

first_img Irvine wrote on his blog: “As I sit here here now typing this it just feels right. “I’m retiring from International competition. I was trying my best to not use the word ‘retiring’ but it’s probably what’s happening to me.” Irvine had an outside chance of performing well at the Rio Olympics, but has been hampered by injuries sustained in crashes in recent seasons and decided enough is enough. “It just feels like a natural end,” Irvine added. “For the last year I’ve been racing and underperforming across the board. “Frustration has been setting in all year and I’m sick of just turning up to bike races. “I set my own bar by winning seven medals in a row. World Championship, European, World Cup and Commonwealth Games medals all hang up in my house somewhere. “At the time, every single one of them was taken for granted. I never appreciated how cool it was to be winning medals. “Since then I’ve just stopped winning and stopped enjoying it.” Former world champion Martyn Irvine has announced his retirement from cycling. The 30-year-old from Newtownards, Northern Ireland, represented Ireland and won medals at European, Commonwealth and world events. The pinnacle was a scratch race gold at the 2013 Track Cycling World Championships in Minsk. center_img Press Associationlast_img read more

Judge Barca, Juve on results not transfers, coaches argue

first_imgBarcelona still smarting from the loss of NeymarBarcelona, Spain | AFP |  Barcelona coach Ernesto Valverde warned against snap judgements on his side and Juventus’ Champions League aspirations despite losing key players in the transfer market.The sides meet in their competition opener on Tuesday (1845 GMT) in a rematch of a quarter-final clash won 3-0 on aggregate by Juventus last season.Barca are still coming to terms with the loss of Neymar to Paris Saint-Germain for a world record 222 million-euro fee ($267 million).But Juventus have also seen the team that reached last season’s Champions League final weakened by PSG snapping up Dani Alves and Leonardo Bonucci’s move to AC Milan.“They have lost Bonucci but they remain a very strong, good team,” said Valverde on Monday.“I can see the comments of comparing squads to previous seasons are the same in every country.“People look at transfers and decide if a squad is stronger or weaker, but the time to do that is at the end of the season.”Juventus are also without the injured Giorgio Chiellini and Mario Mandzukic, but like Barca, have won all three of their league games this season to sit top of Serie A.“In football every season is different from the last,” said Juventus coach Massimiliano Allegri.“The players change because that’s how things go, but what counts are the results.“Right now Juve can’t do more than nine points in the league and Barca have done the same.”Despite the distraction of a chaotic summer off the field and ongoing calls for club president Josep Maria Bartomeu to step down, Barca have started La Liga in fine form.Lionel Messi scored a hat-trick, while Ousmane Dembele set up a goal for Luis Suarez on his debut as Valverde’s men thrashed local rivals Espanyol 5-0 on Saturday.“It is always better to face this calibre of game after some victories with good sensations,” added Valverde.“Everyone wants to advance and have a chance of winning the Champions League.“We are in very good form, we won 5-0, but that doesn’t guarantee anything because our opponent has also started very strongly in the league.” Valverde could hand a full debut to Dembele after the 105 million-euro Frenchman only came off the bench for the final 20 minutes against Espanyol.“He is training well, every day he is more integrated,” said Valverde.“He could start at any time, if it is not now then it will be shortly.”– Dybala threat –Paulo Dybala was Barca’s nemesis last season as his two goals in the Italians’ quarter-final win drew comparisons with his international teammate Messi.“What I did last year no one expected and now everyone expects that I can do it again,” said Dybala.“It isn’t easy because playing against a team like Barcelona in a stadium like this is very difficult.”Dybala was one of many names linked with Barca as Neymar’s replacement before they splashed out on Dembele.However, having signed a new deal to 2022 and been handed the number 10 shirt at Juventus, even the chance to play regularly alongside Messi couldn’t drag Dybala away from Turin.“Luckily I have the chance to play with Messi in the national team.“It is a privilege to have him as a teammate and for sure I can learn a lot from him.“What might happen in the future I don’t know, but I am very happy at Juventus.”Allegri lauded Dybala as along with Neymar “the two best young players in the world”.Yet, having lost in the final in two of the last three seasons to Barca and Real Madrid, Allegri insisted the Spanish giants remain favourites to win the competition again.“Neymar is gone and he is a great player…but Barca along with Real Madrid are still the strongest team in the world.”Share on: WhatsApplast_img read more

Boys Class AA: Seton-LaSalle falls to Constitution 61-59

first_imgDALE CLANCY (Courier Photo/William McBride/File)HERSHEY, Pa. (AP) – Constitution used a strong start in the fourth quarter to open up some breathing room then held on for dear life down the stretch Saturday afternoon against Seton-LaSalle.Constitution, from the Philadelphia Public League watched a nine-point, fourth-quarter lead evaporate down the stretch before finally holding off the Catholic school from suburban Pittsburgh 61-59 in the PIAA Class AA boys’ basketball championship game at Giant Center.This is the second state basketball title for Constitution (28-5). In 2012 the Rebels won the PIAA Class A championship.The duo of Kimar Williams and Ahmad Gilbert combined to score 33 points for Constitution. Gilbert led the duo with 19 and also hauled down a game-high 14 rebounds.Constitution used an 11-2 run at the start of the fourth quarter to turn a 43-43 deadlock after three quarters into a 54-45 cushion with 5:00 remaining.Seton LaSalle (29-2), led by 19 points and 11 boards from Levi Masua, fought back and had two attempts to take the lead in the final 35 seconds.Masua had a chance to hit a three-point shot just before time expired, but his shot bounced off the back of the rim to preserve the victory for Constitution.“I stressed to my guys all week that guy is good inside, but he can also shoot,” said Constitution coach Robert Moore, whose club won despite making only 3 of 8 free throws in the final 2:27. “It was a game changing play. It hit the back of the iron and came out. If it goes in, their kids are celebrating.”Neither team led by more than four points until Constitution scored 11 of the first 13 points in the fourth quarter led by six from Williams.“We sort or thrived in chaos all season, and this was no different,” Moore said. “Our guys got after it, played hard for 90 feet and were rewarded.”last_img read more