Momentum accelerates on Clydesdale lawsuit

Legal services group RGL Management said yesterday that it expects to serve papers on Clydesdale Bank and former parent National Australia Bank before Christmas related to the small businesses lawsuit it is spearheading.

James Hayward, chief executive of RGL, also told The Scotsman that it is increasing the claimants’ “take” of any successful legal action to 65 per cent from 55 per cent if a threshold of £375 million is reached. It follows the group’s first claimant meeting, held in Birmingham yesterday, which was attended by about 70 businesses that claim they were mis-sold fixed-rate business loans by Clydesdale between 2002 and 2012.

It is understood the bulk of the remaining 35 per cent of any successful court action would go on legal costs, with RGL in line for about 5 per cent. Hayward said: “The reaction… was very positive. We are at a stage where we are ready to go (with the legal papers) before Christmas.”