Businessman Sues HSBC For £5M In Swap Misselling Case

Law360, London (March 30, 2021, 2:30 PM BST) -- A businessman says he is owed more than £5.1 million ($7 million) in damages by HSBC, claiming that he was forced to sell shares in a company and properties because of financial pressure caused by the bank's misselling of a swap contract.

Kai Midgley alleges in a High Court claim that the economic effect of HSBC Bank PLC selling him a swap he did not need in 2007 damaged the "profitability and viability of his property portfolio and his business and personal cash flow," according to his filing, dated March 10 but recently made public.

Midgley was told by the bank that...

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