A London judge rejected an attempt by litigation funder Vannin Capital to collect the £14 million ($17.7 million) they believed they are owed from funding a lawsuit against the Royal Bank of Scotland (RBS), Law360 reports.
Vannin asked the judge to enforce an agreement that helped fund a suit on behalf of RBS and other institutional investors that resulted in a £200 million settlement. A group of RBS claimants though have refused to pay, saying that it is “conceptually impossible” for their small group of 29 claimants to be held liable since they were not parties to the funding agreement. The lawyer representing that group called it a “smash-and-grab” attempt to collect from the shareholders rather than the institutional investors that make up 80 percent of the total claimant group.
Deputy Judge Joanna Smith blocked Vannin’s action and will hold a full trial on the suit.