Cleaning Cos. Settle HSBC Loan Protection Fight

Law360, London (June 10, 2019, 6:16 PM BST) -- A group of British commercial inspection and safety companies has reached a settlement with HSBC to end claims the lender forced them to buy an unnecessary form of credit protection for a business loan, according to London court documents.

Four units of MSS Group Ltd. struck a confidential settlement with HSBC Invoice Finance UK Ltd. over allegations the lender mis-sold them a form of invoice protection when they took out a £1.05 million ($1.33 million) loan from the bank to purchase a facilities management company, according to the High Court's June 6 order.

Under the deal, the companies agreed to repay...

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