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.