---
title: "The Sunday Times: ‘Lloyds pays up on rate swap wrangle’"
url: https://lexlaw.co.uk/solicitors-london/the-times-lloyds-pays-up-on-interest-rate-swap-wrangle/
date: 2015-07-26
modified: 2026-06-02
author: "LEXLAW Solicitors & Barristers"
description: "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."
categories:
  - "Banking Law"
  - "Case Study"
  - "Financial Services Litigation"
  - "Fixed Rate Loans"
  - "IRHP Reviews"
  - "Litigation"
  - "News"
tags:
  - "Banking Law"
  - "Banks"
  - "Case Study"
  - "Clydesdale Bank"
  - "Derivatives"
  - "FCA"
  - "Financial Conduct Authority"
  - "Financial Regulation"
  - "Financial Services"
  - "Financial Services Authority"
  - "FSA"
  - "Hedging"
  - "Interest Rate Swaps"
  - "IRHP"
  - "IRHPs"
  - "LIBOR Litigation"
  - "Limitation Act"
  - "Litigation"
  - "Lloyds"
  - "Media"
  - "Mis-selling"
  - "slide"
  - "Success"
  - "Swaps Mis-selling"
  - "Swaps Settlements"
  - "Yorkshire Bank"
image: https://lexlaw.co.uk/wp-content/uploads/sunday-times-logo-lexlaw-solicitors-in-london-uk-litigation-barristers-e1724435386271-1024x421.jpg
word_count: 277
---

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

*Kiki Loizou, of The Sunday Times, reports on our Financial Services Litigation team’s recent successful settlement of a swaps mis-selling litigation case.  A multi-cancellable swap was sold to a Care Home operator by Lloyds Bank. The bank refused to compensate their customer via the FCA-backed IRHP Review Scheme. Litigation forced the bank to pay out £4.6m for it's wrongdoing to this customer. *

![Lloyds Banking Group has settled a claim with a care home operator over the mis-selling of an interest rate swap (Sunday Times)](https://lexlaw.co.uk/wp-content/uploads/Lloyds-pays-up-on-rate-swap-wrangle-Litigation-Lawyers-UK-LEXLAW-Solicitors-Barristers-London.jpg)
## Success: Lloyds pays up...
Lloyds Bank settles another claim with LEXLAW client (Coin Group) over mis-selling of interest rate swaps (The Sunday Times, 26 July 2015)

A BUSINESSMAN has settled a two-year legal dispute with Lloyds Banking Group over the mis-selling of an interest-rate “swap”.

Errol Bland of Buckinghamshire-based care home operator Coin Group has won a £4.6m claim, which covers a multimillion-pound break fee on a 30-year interest rate hedging deal the bank advised him to take on a £1.7m four-year loan. The case was settled out of court two weeks ago.

> “Not only have we had to put our business growth plans on hold for the past 5½ years, but we have had to incur legal and professional costs to defend ourselves against something that was mis-sold to us,” said Bland, 50.

He will be reimbursed the £900,000 he made in interest payments and £200,000 for his legal costs.

About £3.5m will cover the sum needed to cancel the contract. Lloyds denied any wrongdoing. “*We are pleased that this now concludes the matter for the bank and the customer,*” it said.

Source: [https://www.thetimes.com/article/lloyds-pays-up-on-rate-swap-wrangle-d0p5zhvjtr5](https://www.thetimes.com/article/lloyds-pays-up-on-rate-swap-wrangle-d0p5zhvjtr5)

*LEXLAW have conducted and settled substantially more derivatives litigation than any other law firm in England & Wales and are the leading law firm acting against banks in derivatives mis-selling claims.*