Date for CYBG loans hearing as SME claimants hit 500

Clydesdale Bank window

More than 500 small businesses have now joined forces in a class legal action against Clydesdale & Yorkshire Bank, now Virgin Money, as the case heads to court in December.

It revolves around what campaigners claim were mis-sold fixed interest rate loans or “Tailored Business Loans” (TBLs).

The TBLs were sold to an estimated 6,500 business customers between 2001 and 2012.

Claims firm RGL Management said another 365 small firms have joined the group action against CYBG and its former owner National Australia Bank Ltd, taking the total claimants to 509.

The legal action is now set for a case management conference on December 14 to 16.

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