Michelmores has launched group action proceedings against Clydesdale Bank and National Australia Bank relating to their Tailored Business Loans
Michelmores' Commercial Disputes team, led by Partner Garbhan Shanks, upon instruction by RGL Management Ltd (RGL) has launched the first round of group action legal proceedings against Clydesdale Bank plc and its former owner National Australia Bank (the "Banks"), for conduct in relation to its Tailored Business Loans (TBLs).
The first claims against the Banks have been commenced on behalf of 149 companies, partnerships, individuals and business entities who allege deceit, negligent misstatement, breach of contract and unjust enrichment.
RGL's claimant group consists of over 2,000 claimants from England, Scotland and Wales, and companies driven into insolvency.
Michelmores has instructed Andrew Onslow QC and Lisa Lacob in all English proceedings, and Cat MacLean, Partner and Head of Dispute Resolution of MBM Commercial LLP (and Craig Sandison QC) in relation any claims before the Scottish courts.
The case is being funded by the UK’s largest litigation funder, Augusta Ventures.
Garbhan Shanks, Partner, Michelmores LLP said:
“This is the first significant multi-party claim against a bank by its customers since the financial crash. We are confident this action will secure substantial compensation for the claimant group.”
"UK's Clydesdale, National Australia Bank sued over business loans" - Read more here