--- 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 lang: en 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.* ### Check Your Litigation Case ✔ We analyse your case prospects. 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