June 25, 2013 / 3:36 PM / in 5 years

Co-op investors hire U.S. law firm over losses-source

LONDON, June 25 (Reuters) - U.S. law firm Brown Rudnick has been hired to represent small investors in Britain’s Co-operative Bank who are fighting for a better deal in the bank’s 1.5 billion pound ($2.3 billion) rescue plan, a source familiar with the matter said.

The bank’s parent, the Co-operative Group, is making bondholders swap their debt at a discount of at least 30 percent for new bonds and equity in the bank, which will be listed on the London Stock Exchange.

The so-called “bail in”, which has been used in bank rescues in Ireland, Spain and Cyprus, has angered many of the Co-op’s 5,000 private retail bondholders.

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