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 unlisted rolling instalment warrants and managed fund instalment warrants (“claim warrants”) were complex derivative financial products and were only suitable for knowledgeable, speculative investors who understood the risks of warrants and highly geared financial products.
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.
The claim is against RBS for breach of contract, unconscionable conduct and vicarious liability for misleading and deceptive conduct as a linked credit provider to Navra Financial Services. The claim also includes ABN AMRO warrants because RBS acquired ABN AMRO in 2009.
Anyone who bought ABN AMRO or RBS-issued claim warrants through Navra Financial Services between 2008 and 2011 is eligible to join the class action.
If you are unsure about the kind of financial products you held through Navra Financial Services, please contact us.
Anyone who bought ABN AMRO or RBS-issued claim warrants through Navra Financial Services between 2008 and 2011 and experienced loss is eligible to join the RBS class action.
If you suffered loss after investing in these financial products, you should very seriously consider joining the action.
It costs nothing to join the RBS class action. Shine Lawyers work on a No Win No Fee basis and you will only pay our fee if we win the claim. Your legal costs at the end will depend on the amount of work which was needed to resolve the claim.
Every class action is different and depends on the circumstances.
If you would like Shine Lawyers to represent you in the RBS class action, you will need to sign Shine’s Costs Agreement.
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.
Members of the class action will pay nothing if the action is unsuccessful.
Shine Lawyers have offices in the following locations.
New South Wales
- Gold Coast
- Hervey Bay
- North Lakes
- Stones Corner
- Sunshine Coast
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