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Farmers could be owed thousands in case against Clydesdale Bank

Farming customers of Clydesdale and Yorkshire Bank could claim thousands of pounds in a High Court case against the bank.

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Farmers could be owed thousands in case against Clydesdale Bank

All Square Finance, a claims management and litigation company, is urging farmers who had taken out tailored business loans (TBL) and fixed rate loans to come forward ahead of the first hearing in December.

 

The company said its analysis showed customers in the farming sector were among those particularly affected.

 

All Square said the largest eligible businesses were estimated to be owed millions of pounds, though average claim sizes were anticipated to be in the hundreds of thousands.

 

The case is being pursued in London’s High Court in partnership with specialist litigation firm RGL Management and Michelmores.

 

The group action alleges that Clydesdale Bank and the National Australia Bank behaved fraudulently and dishonestly in the sale of TBLs and fixed rate loans.

Daniel Hall, managing director at All Square, said with a date in court set this was the last chance for eligible claimants to sign up.

 

"Any customer who was sold a fixed rate business loan or TBL is eligible to join this compensation claim, which is expected to run into the hundreds of millions of pounds.

 

“In the current business climate, we are particularly keen to reach people facing difficult circumstances who may not realise they are owed thousands, and in many cases six or seven figures, by the bank.”

 

A spokesperson for Clydesdale parent company Virgin Money UK dismissed the case as without substance or merit, adding the bank had worked hard to investigate all historic SME (small and medium-sized enterprise) conduct issues ’and we are confident we have done the right thing for those customers involved’.

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