Nationwide Hit With £1.3M Suit For 'Blocking' Property Sales

Law360, London (April 22, 2021, 3:08 PM BST) -- An asset manager has sued banking giant Nationwide Building Society for £1.3 million ($1.8 million), alleging that it blocked the sale of seven London properties in order to secure a deal to sell its loan portfolio to a private equity firm.

Fairacre Asset Management LLP told the London Commercial Court in an April 8 claim, which has just been made public, that the building society owes it just over £1.3 million in damages for breach of contract and breach of duty after it thwarted a sale of seven expensive properties in London boroughs such as Richmond and Ruislip.

Fairacre alleges that...

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