Bird & Bird has been kicked off the £4bn High Court battle between Royal Bank of Scotland (RBS) and a group of former shareholders over a 2008 rights issue, with Fladgate replacing the firm on the mandate.
Led by dispute resolution practice group head Steven Baker, Bird & Bird had been acting for former shareholders of the bank, who are claiming they were misled into participating in RBS’ £12bn rights issue at the height of the financial crisis, incurring significant losses as a result.
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