RBG Holdings PLC Founder Ian Rosenblatt on Wednesday said the claims against him by RGB are ‘substantially untrue and defamatory’ as he responded to the firm’s termination of his consultancy agreement.
In a letter to the board of directors of RGB, Founder and solicitor Ian Rosenblatt stated ‘the principal ground for the company‘s purported termination of my consultancy agreement is that prior to 10 September 2024 I took steps to acquire an SRA-regulated vehicle to practice as a firm of solicitors. That is untrue.’
He noted that the justification for the termination was based on ‘a wholly false premise’ and stated that the allegation he was ‘involved in a competing company prior to 10 September is a lie’.
‘Since my proposal to the company dated 25 November 2024...I have made every effort to either rescue the company as a going concern or salvage at least part of the business for the benefits of clients, employees and other stakeholders. During this process, I have continued to promote the interests of RBG Legal Services and have introduced new clients and new work consistent with my obligations and my desire for RBG Legal Services to have prospered,’ Rosenblatt said.
Rosenblatt stated: ‘Not for the first time, the board collectively and individually, have lied,’ and added that he sought the removal of Chief Executive Officer Jon Divers due to his ‘poor’ record as CEO.
Shares in RBG Holdings fell hard on Wednesday, after the company terminated a consultancy agreement with Ian Rosenblatt.
RBG’s stock closed down 50% at 1.30 pence per share in London on Wednesday.
The London-based legal services group attributed the firing, effective immediately, to ‘offensive behaviour’ and breaches of contract.
RBG Holdings has alleged Rosenblatt bought another law firm monitored by the Solicitors Regulation Authority, before making various demands to RBG. The chronology renders negotiations between the founder and RBG Holdings ‘in bad faith’, the company said.
Rosenblatt in late September revealed plans to oust RBG Holdings CEO Jon Divers, after the company said it would no longer fund litigation known as the ’Global’ case, in which Rosenblatt is a partner.
In the fourth quarter of 2024, Rosenblatt and RBG Holdings were involved in talks around his remuneration. The company said this involved ‘excessive expenses demands’ from Rosenblatt, including a private office suite and funding of the Global case.
Meanwhile, Companies House records show that Rosenblatt before September 10, 2024 acquired a solicitors firm, then called AWH Acquisition Corp Corporate Ltd, though notice of this was not filed until December 20.
On December 19, AWH changed its name to Rosenblatt Law Ltd and appointed as its directors Ian Rosenblatt and Tania MacLeod, who resigned her directorship of Rosenblatt Law the same day.
MacLeod is the only other partner involved in the Global litigation, meaning she and Rosenblatt would be liable for its costs after RBG Holdings ceased to fund the case.
MacLeod was a director of RBG Holdings until announcing her exit from the role in October. She resigned from RBG Legal Services Ltd on December 20, before resigning entirely from RBG Legal Services last Friday.
RBG Holdings also flagged activity around the domain name www.rosenblatt-law.com, a new registration of rosenblattlaw.co.uk, which was made on December 30.
Additionally, RBG Holdings said it was notified in December by its lender HSBC Holdings PLC that Rosenblatt had verbally abused the lender during a meeting held a year prior. His language was described as ‘egregiously foul and offensive’.
‘For the reasons outlined above, the board has concluded that the company can no longer be associated with Ian Rosenblatt,’ RBG Holdings said. It has reserved its position on MacLeod.
Rosenblatt said RBG Holdings’ claims against him amounted to ‘one big lie’.
The company has said it will seek recovery of anticipated revenue losses over the next three years, and will schedule the meeting requisitioned by Rosenblatt as required.
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