STATEMENT FROM MERSEYSIDE PENSION FUND
RBS Litigation
Fri Mar 20 2009
Merseyside Pension Fund has joined with other investors, including North Yorkshire County Council Pension Fund, in litigation action against the Royal Bank of Scotland.
This action has been taken to safeguard the value of the Fund in the long term and will not affect pension entitlements in anyway. All scheme members can be reassured that the Fund is completely secure.
Although we are unable to comment on active litigation, the Fund believes that as a responsible investor it is important to hold the former RBS management to account. We are now awaiting confirmation as to whether the case can be pursued through the US courts.
Merseyside Pension Fund is being represented by US law firm, Coughlin Stoia Geller Rudman & Robbins, which has worked for the Fund on a no win no fee basis in a number of cases in the past. This is a well-established process.
