Tag: Media

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The Sunday Times: ‘We will battle on, warn victims of bank mis-selling’

The Sunday Times reports the largest ever publicly disclosed settlement in interest rate swaps mis-selling, where Lloyds Bank paid £4.6m to a care home business after refusing compensation via the FCA IRHP Review. Thousands of businesses were excluded from compensation due to a controversial ‘sophistication test,’ leaving many short-changed. The case highlights banks’ efforts to avoid accountability and the ongoing struggle for fair redress, with expert legal advice offering hope for mis-sold swap victims.

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The Sunday Times: ‘Lloyds pays up on rate swap wrangle’

Lloyds Bank has been forced into a significant litigation settlement regarding the mis-selling of interest rate hedging products (IRHPs) to The Coin Group, a care home operator. The case highlights the potential for banks to mis-sell complex financial derivatives to businesses, leading to significant financial losses. The Coin Group, represented by LEXLAW Solicitors & Barristers, successfully argued that Lloyds Bank failed to disclose the risks and potential liabilities associated with the IRHPs, resulting in a settlement of £4.6 million.

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Statement by Coin Group re Litigation Settlement with Lloyds Bank Plc

Lloyds Bank, a leading UK financial institution, has been involved in a significant litigation settlement regarding the mis-selling of interest rate hedging products (IRHPs) to The Coin Group, a care home operator. The case highlights the potential for banks to mis-sell complex financial derivatives to businesses, leading to significant financial losses. The Coin Group, represented by LEXLAW Solicitors & Barristers, successfully argued that Lloyds Bank failed to disclose the risks and potential liabilities associated with the IRHPs, resulting in a settlement of £4.6 million. The case underscores the importance of obtaining the best legal representation when fighting major banks.

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The Times: Banks’ secretly settling swaps mis-selling cases

The Times Newspaper reports that banks are secretly settling swaps mis-selling cases with small businesses, often on the eve of court proceedings. These settlements are kept confidential, and the banks often make public statements denying wrongdoing. The number of claims is increasing as businesses become aware of the issue. Businesses argue that the swaps were too complex and that banks failed to explain the risks involved.

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Media Appearance: M Ali Akram on Comet Plc Administration (Sky News)

LEXLAW’s M Ali Akram was featured on Sky News discussing the Comet Group Limited administration. He highlighted concerns over potential unfair outcomes in the liquidation process. As experts in insolvency law, Lexlaw offers professional guidance and representation for businesses and individuals affected by company administrations and liquidations. Contact Lexlaw for specialist insolvency advice.

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Comet Administration highlights ‘Inequity of Legal Arms’

Sky News interviewed our Insolvency Team’s senior partner on the Comet Group collapse into administration. The administrators’ proposals revealed that while secured creditors were set to recover only about a third of their debts, unsecured creditors—including HMRC, employees, and customers—would receive less than 1p in the pound.

LEXLAW successfully represented a family business mis-sold interest rate swaps by Barclays, securing a substantial settlement despite initial negative advice. This case highlights the widespread impact of derivative mis-selling on UK small businesses, including sectors such as property, hospitality, and retail. Lexlaw offers expert legal support to businesses affected by such financial product mis-selling. Contact Lexlaw for professional advice and representation.

LEXLAW featured on BBC Radio 4’s The Report: Interest Rate Swaps Mis-selling

LEXLAW successfully represented a family business mis-sold interest rate swaps by Barclays, securing a substantial settlement despite initial negative advice from counsel. This case highlights the widespread impact of derivative mis-selling on UK small businesses, including sectors such as property, hospitality, and retail.