James and McKeith run out of legal options over RBS dismissal
The High Court has rebuffed an attempt by two former executives of ABN Amro Australia to reopen a case over whether they were owed multi-million dollar ex gratia payments at the time Royal Bank of Scotland bought the ABN group in 2008.Two judges of the court last week denied an application for "special leave", that is, permission to appeal to the High Court."The issues raised by these applications for special leave raise no question of general importance. They involve matters of the construction of documents in a particular factual context," the court ruled.In March this year the NSW Court of Appeal considered an appeal by the pair over a 2015 ruling of the Supreme Court of New South Wales. The appeal court's ruling left them both in the lurch.The Court of Appeal found that "by declining to sign the deed of release offered to him in September 2008, James forfeited any right to an ex gratia payment of $A2.5 million. Accordingly, he has failed to uphold the finding of the primary judge to the contrary."But the court found that "James has established that there was a breach of the contract between which entitled him to damages in the amount of his severance payment, namely $432,692."McKeith succeeded in his claim for a severance payment and won damages of $375,961.But the court ruled that "McKeith is not entitled to an ex gratia payment of $4 million or any other sum. ABN/RBS was entitled to exercise its discretion not to make any such payment. There was no breach of contract."