Hundreds of businesses to sue CYBG over mis-sold loans

Clydesdale Bank window

Hundreds of small businesses are to press ahead with a £350 million legal action against CYBG over claims they were mis-sold loans.

RGL Management, which represents the SMEs, expects to make a claim against Clydesdale and its former parent, National Australia Bank (NAB), in the first half of next year.

RGL alleges that small businesses suffered a loss from tailored business loans that were sold to them between 2001 and 2012.

Last month RGL brought in All Square Finance to help bring hundreds more businesses to join the suit and the company said the claim size is growing.

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