Hundreds More Cos. Join Clydesdale Loan Swap Action

Law360, London (October 15, 2020, 12:14 PM BST) -- More than 350 small businesses joined a High Court lawsuit on Thursday accusing Clydesdale Bank and its former Australian parent company of allegedly hiding crippling swaps in what the lender marketed as traditional fixed-rate loans.

RGL Management Ltd., an organization that specializes in developing complex group actions against banks, said a further tranche of claims had been made on behalf of business customers that were sold so-called tailored business loans between 2001 and 2012.

The group action is targeting Clydesdale, which is now part of Virgin Money UK PLC, and its former owner, National Australia Bank Ltd. The claim form was filed...

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