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.

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