In 2014, Shine Lawyers commenced a class action against Royal Bank of Scotland (RBS). The class action was brought on behalf of people who were negligently advised by Navra Financial Services Pty Ltd (Navra) to buy unlisted RBS-issued rolling instalment warrants or managed fund instalment warrants (“claim warrants”), between February 2008 and March 2011.
The basis of the class action is that the claim warrants were allegedly sold to Navra clients without RBS taking any steps to determine whether or not the products were suitable for the clients’ investment purposes. Further, misrepresentations were allegedly made about the way the claim warrants would perform, and these misrepresentations also caused loss to investors.
On 22 December 2017 the parties agreed to settle the Proceedings and a Settlement Deed was executed on 16 February 2018. The settlement is subject to Court approval. The settlement approval hearing will take place on 20 March 2018 at the Federal Court of Australia in Sydney.
The Court has ordered that the following documents be published on this website:
Please contact Vicky Antzoulatos if you require any further information about this matter.
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Common questions about Royal Bank of Scotland (RBS) Class Action
The claim warrants were leveraged and provided the purchasers with exposure to units in the Navra Retail Fund. They were not tradable on the ASX.
If you are unsure about the kind of financial products you held through Navra Financial Services, please contact us.
If you suffered loss after investing in these financial products, you should very seriously consider joining the action.
Every class action is different and depends on the circumstances.
Please contact us to provide your name and contact number to obtain a copy of Shine's Cost Agreement and Cost Disclosure, or to have hard copies of the documents mailed to you.
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