Clydesdale bank class action lawsuit over TBLs enters final phase

David Duffy CEO CYBG, Clydesdale Bank

A claims management company has announced the final phase of its group (or class) action against Clydesdale Bank, including Yorkshire Bank and the National Australia Bank, over their selling of tailored business loans (TBLs) and fixed rate loans.

All Square Finance said yesterday that new data had identified which business types and sectors are particularly affected from the thousands who took out the loans.

They said their analysis showed these included customers involved in the property investment, hospitality, farming, construction, retail and manufacturing sectors.Their action is due to be heard at the High Court in London next month, in partnership with specialist litigation firm RGL Management and Michelmores LLP.

All Square – which has opened the case on a no-win-no-fee basis – said the largest eligible businesses are now estimated to be owed millions of pounds by the bank, although it anticipated average claim sizes in the hundreds of thousands bracket.

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