More than 500 small businesses have now joined forces in a class legal action against Clydesdale and Yorkshire Bank (CYBG) as the case heads to court. The case relates to fixed-rate tailored business loans that CYBG offered to small businesses between 2001 and 2012. Claims firm RGL Management alleges small firms were unfairly charged high break fees when they sought to end the loans early, while it also alleges there was “deliberate and systematic” overpricing of the interest rates on the loans without first informing customers. It said the claims are expected to amount to hundreds of millions of pounds, with the current action representing 867 individual loans.
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