A group of small businesses has been suing Clydesdale bank as well as its former owner National Australia Bank for alleged misrepresentation over small business loans. The lawsuit filed by small businesses highlighted that banks raised the interest rate on fixed-rate loans by hidden margins. While representing the group, RGL Management allegedly stated that banks have been facing deceit, misrepresentation, and breach of contract by banks.
A total of 140 small businesses comprising 2,000 small companies issued the first claim against the banks. However, the legal claim doesn’t carry any value. On behalf of small businesses, RGL Management has brought complex lawsuits against banks. Augusta Ventures, a litigation funder has been supporting the lawsuit against Clydesdale bank. Many litigation funders have been fighting for bank disputes on the condition of some part of compensation if they manage to win at trial.