Royal Bank of Scotland (RBS) Class Action
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.
About the class action
The basis of the class action was 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.
A settlement of these proceedings was approved by the Court in March 2018. All settlement monies have now been distributed and the class action has been finalised.
