Prospects for an agreement in RBS case remain ‘good’, court is told

LEGAL ACTION by thousands of shareholders against Royal Bank of Scotland has been further delayed.

A judge at the High Court in London granted a third adjournment of the proceedings for settlement talks to continue. Mr Justice Hildyard formally adjourned the trial until June 7 but said the court should “nevertheless reconvene (today) for a progress report”.

The high-profile trial was due to start on Monday but has not got off the ground because of progress being made in ongoing negotiations between the claimants and the bank.

The judge heard on Tuesday that the majority of claimants had indicated a willingness to settle.

The judge was told yesterday that progress towards a settlement of the action remained “good”. Jonathan Nash QC, for the claimants, updated the judge at the outset of yesterday’s brief hearing.

He said: “I am pleased to report that the progress towards a settlement remains good. We remain hopeful it will be possible to reach a final compromise of the claims made In these proceedings.”

Counsel said: “With that in mind the parties are agreed and propose that the commencement of the trial of the action be adjourned until after the legal vacation to commence on June 7.”

He added they would attend court today to give a progress update.