Clydesdale Bank cleared of charging unfair fees to small firms

Virgin Money UK

19/03/2024 10:02

LONDON, March 19 (Reuters) - Clydesdale Bank and its
former owner, National Australia Bank (NAB)  NAB.AX , did not
charge unfair break fees on loans sold to small businesses
between 2002 and 2010, London's High Court ruled on Tuesday.
    The case was brought by four businesses against NAB and
Clydesdale Bank - now part of Virgin Money UK Plc  VMUK.L  - in
an attempt to establish liability in the dispute over loans.
More than 900 other small firms were waiting in the wings. 
    The firms, represented by claims management company RGL
Management, were seeking restitution for alleged unjust
enrichment by the banks and breach of contract over fixed rate
Tailored Business Loans (TBLs) bought between 2002 and 2010.

 (Reporting by Kirstin Ridley, Editing by Louise Heavens)
 ((kirstin.ridley@thomsonreuters.com; +44 (0) 207 513 5666;))