Northamptonshire County Council ‘should sue Barclays over toxic loan’

barclays bank building

Northamptonshire County Council should look at whether it should be seeking compensation from Barclays over a ‘toxic’ LOBO loan, according to an opposition councillor.

Mick Scrimshaw, the Labour councillor who chairs the council’s overview and scrutiny committee, asked leaders at Thursday’s cabinet meeting whether it was considering joining a lawsuit that has already been launched by other authorities across the country.

Councils taking action include Leeds, Greater Manchester Combined Authority, Newcastle, North East Lincolnshire, Nottingham, Oldham and Sheffield.

Lender Option Borrower Option (LOBO) loans are long term loans, usually between 40 to 70 years, where the lender can change the fixed interest rate over the course of the loan.

Read the full story

in News

This website places cookies on your device. Refer to our Cookie Policy to see how we use cookies. By continuing to use the site, we’ll assume that you are happy for us to set these on your device. Find out more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close