Jim Magner saves his pension in action against Royal Bank of Scotland
Online gambling millionaire Jim Magner has successfully sued the Royal Bank of Scotland for Euro 10 million plus interest and legal costs in the Gibraltar Supreme Court.
In an 82 page ruling this week Judge Adrian Jack accepted Magner’s claim that an RBS manager, Howard Shaw, was complicit in a 2007/8 fraud perpetrated on Magner by an investment firm run by Benjamin, Isaac and Solomon Marrache, who misused more than GBP 28 million in client funds, among them Magner’s pension savings.
Because the bank manager had actual knowledge of the Marraches’ misuse of client monies and dishonestly assisted them to continue their fraud, Judge Jack ruled that the bank was liable for Magner’s Euro 10 million plus interest and around GBP 400,000 in legal fees.
The Marrache brothers were subsequently convicted and sent to jail.
Thousands of documents were examined in the two-and-a-half week court proceedings.
Reacting to the finding, an RBS spokesman said the bank was naturally disappointed in the ruling, and will take time to consider its next steps.