Booth to tackle banks

Employment barrister Cherie Booth QC is to join the legal team fighting a class action against RBS in the US courts.

US law firm Coughlin Stoia has drafted in Booth as a special adviser to pension funds representing local authority workers in North Yorkshire and Merseyside, which claim RBS “falsely reassured” investors that the bank was well-capitalised.

Peter Murphy, partner and litigation specialist at Sackers, the specialist pension law firm, says: “Although public details of the claim are limited at this stage, the historic caution of UK pension funds to become lead plaintiffs in US securities litigation suggests that those involved here are confident of the merits of the claim and have a significant amount at stake.

“The US legal system is an ideal forum for these types of claims. US lawyers act on a ‘no win, no fee’ basis and plaintiffs do not have to pay for the other side’s legal costs even if they lose. It is, of course, also based on US securities’ legislation.

“Cherie Booth’s involvement in the case is surprising. Her profile is mainly in UK and European human rights law, not US securities litigation. But that is not to say she doesn’t have relevant expertise.

“It is simply that she is likely to be just one part of a large legal team bringing with it a variety of skills and knowledge. Her involvement in the case will certainly add greater public interest to an already high-profile media event.”