London Evening Standard, 21.12.17

 

Another example of press coverage of the delivery of our Letter Before Action:

 

Hundreds of small businesses and traders fired the opening salvo in a mis-selling claim against high street lender Clydesdale and Yorkshire Bank on Thursday.

 

The group, led by claims manager RGL Management, has served a letter before action on Clydesdale and its former parent National Australia Bank, which tees up a court case next year.

The letter alleges fraud and dishonesty over loans sold to customers between 2001 and 2012.

 

CYBG said it did not accept the allegations and would defend them “in the strongest terms possible” if necessary.

 

The loans, known as tailored business loans, were thought to be traditional fixed-rate loans but contained a risky interest swap embedded inside that was not disclosed to customers, the claimants allege.

 

The action group is funded by Anglo-Australian group Augusta Ventures and is led by Andrew Onslow QC, who led the RBS rights issue legal case.

 

CYBG was owned by NAB until 18 months ago when it floated on the stock market. NAB declined to comment.

A CYBG spokesperson said: “The bank has dedicated substantial effort in recent years working through this historic conduct matter, engaging openly and transparently with customers as part of a wide-ranging remediation programme.”

 

The action is funded by Anglo-Australian litigation funders Augusta Ventures. NAB declined to comment.

 

Read the press article on London Evening Standard