British lawsuit against NAB, Clydesdale hits court

Clydesdale bank sign

National Australia Bank and its former subsidiary Clydesdale and Yorkshire Bank face a class action lawsuit potentially worth hundreds of millions of pounds, after the litigants finally issued their case in the English courts on Thursday.

Claims management company RGL, led by Australian expatriate banker James Hayward, has lodged a suit on behalf of about 140 former SME customers of Clydesdale, but says ultimately there could be more than 1000 claimants.

NAB owned Clydesdale at the time. The bank issued its half-year result on Thursday; in previous profit reports it has acknowledged the potential for litigation but has not specifically provisioned for it.

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