Clydesdale Bank case heading for the courts
More than 500 small businesses have now joined forces in a class legal action against Clydesdale and Yorkshire Bank as the misselling case heads to court.
Claims firm RGL Management said another 365 small firms have joined the group action against CYBG,nowc all ed Virgin Money, and its former owner National Australia Bank (NAB), taking the total claimants to 509.
The long-running legal action is now set for a case management conference on 14-16 December. This could set the stage for the case togo to court in the second half of 2021.
RGL alleges small businesses suffered a loss from tailored business loans that were sold to them between 2001 and 2012.
It said them is-selling claims are expected to amount to hundreds of millions of pounds, with the current action representing 867 individual loans. It believes around 6,500 small firms were sold the loans, which could result in thousands more join the action.