Revealed: investors urged to join High Court fraud claim against banks

clydesdale bank. CYBG, tailored business loans, TBLs

New data has revealed that thousands of affected property businesses across the UK qualify to join a major High Court fraud claim against Clydesdale and Yorkshire Bank.

Late last week, Yorkshire-based All Square Finance Ltd (allSquare), a specialist provider of claims management and litigation support services, announced the final phase of its bookbuild for ‘a major High Court case against Clydesdale Bank (including Yorkshire Bank; now Virgin Money) and the National Australia Bank in relation to its selling of Tailored Business Loans (TBLs) and Fixed Rate Loans’.

The announcement comes after new data was able to identify which business types and sectors are particularly affected from the thousands who took out these loans. The data also gives an indication of the size of claim which those who join the action can expect to receive.

The analysis shows that Clydesdale or Yorkshire Bank customers in the property investment sector are among those worst-affected, accounting for thousands of eligible loans. Alongside this, businesses in the hospitality, farming, construction and retail sectors have also been badly impacted.

The largest eligible businesses are now estimated to be owed millions of pounds by the Bank, though average claim sizes are expected to be in the hundreds of thousands. Even the smallest loan sizes are anticipated to be owed thousands of pounds.

In light of this new information, and due to the encouraging progress of the legal action, allSquare is today ramping up the final phase of its bookbuild ahead of the first court hearing in December.

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