Hundreds of UK small businesses fight back with heavyweight legal support in campaign against mis-sold IRSAs
20 Sep, 2012
RJW Slater & Gordon has been asked to help small and medium sized businesses in the UK which have been mis-sold an Interest Rate Swap Agreement (IRSA) by their bank. This includes Bully-Banks members, the campaign group comprising over 750 small and medium sized businesses in the UK who have recommended its members engage RJW Slater & Gordon to advise them.
This move will provide those people, many of whom suffered terrible losses as a result of being mis-sold an IRSA, with the legal muscle needed to fight the big banks for compensation. The move will give access to a firm with the resources to both finance and administer a large number of litigants and to effectively litigate against the banks for fair redress. This is one of a number of similar cases which RJW Slater & Gordon have dealt with including one which it is currently pursuing, Chartbridge. They have also a number of advisors in the UK from Slater & Gordon in Australia who successfully recovered a multi-million dollar settlement following misleading advice which was known as ‘Storm’. This shows the pedigree of the expertise in this area to help these businesses seeking redress.
Fraser Whitehead, Head of Group Litigation at RJW Slater & Gordon, said: “IRSA mis-selling is another example of rogue practices within numerous UK banks. The mis-selling of IRSAs was an abuse of trust perpetrated against small businesses who didn’t have the financial expertise to understand the implications of what they were signing. These were sophisticated financial instruments sold to them by high pressure salesmen purporting to be impartial advisors. Banks should be supporting small businesses, not ripping them off.
“The FSA’s response to-date has been wholly inadequate and unfair to the victims of this scandal. Bully-Banks and RJW Slater & Gordon are absolutely determined to secure appropriate redress.”
Jeremy Roe Chair of Bully Banks, said: “We’re delighted that RJW Slater & Gordon will be working with us. They bring a wealth of litigation experience and an appropriate scale to assist our members. Individual small businesses struggle to stand up to the bullying tactics of the banks and their lawyers. By joining together as Bully-Banks and by now identifying our own heavyweight firm of solicitors we are levelling the playing field.”