Legal claim is launched over tailored business loans

clydesdale bank. CYBG, tailored business loans, TBLs

A group of companies has launched a legal claim against a major bank in connection with the alleged mis-selling of tailored business loans (TBLS).

RGL Management, a company managing the group claim for the small and medium-sized businesses, said it had started legal action for a large claimant group against Clydesdale Bank (CYBG) and its former owner National Australia Bank Limited for conduct in relation to its TBLs.

A CYBG spokesman said the claim would be defended “in the strongest terms possible”.

In a statement, RGL said the claims group consists of around 2,000 claimants from England, Scotland and Wales, and is still growing.

The statement added: “The group includes a number of companies driven into insolvency.”

The spokesman said that the first claims were issued in the Chancery Division of the High Court, representing 148 claimants in total.

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