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Lloyds Bank Secures Costs In Swaps Misselling Suit

Law360, London (December 6, 2018, 6:40 PM GMT) -- A former property investment firm has been ordered by the court to stump up £3 million ($3.8 million) in security to a banking unit of Lloyds Banking Group PLC for costs in its legal claim accusing the lender of misselling it four interest rate swap trades at the height of the financial crisis.

Judge Stephen Males said that family-owned Ventra Investments Ltd. must provide security for the Bank of Scotland PLC’s costs in the proceedings, made up of three different sums — £1.5 million and £549,500 in the form of two deeds of indemnity from its insurers, and another £1 million...

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