Tuesday, 14 April 2015

Mega deals are back in vogue ... and so are the rows with British banks over mis-selling and Libor - part 2

I have a little update to my story last week on the ongoing row between Guardian Care Homes and Lloyds Banking Group. In case you don't recall, here is a link to last week's story:

http://betaville123.blogspot.com.es/2015/04/mega-deals-are-back-in-vogueand-so-are.html

Anyway, sources close to the situation have got in touch to argue it's "strange" that Lloyds  should think a settlement agreement will offer the taxpayer-backed bank protection in the courts.

This is because when Gary Hartland, the man who runs Guardian Care Homes, took action against Barclays in 2012 he had already signed an "agreement" with the bank, which was completely ignored by the courts, according to my sources.

In fact, the only outcome of that agreement was it led to a public apology by Barclays. Here is a link to a piece on that sorry affair:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9150658/Barclays-apologises-to-FSA-after-imposing-swaps-secrecy-clause-on-customers.html

A spokesperson for Lloyds said:

"As the matter is now subject to legal proceedings, it would be inappropriate to comment in any detail. However, having previously agreed a full and final settlement with the customer in 2011, we do not believe the matter has any merit and it will be vigorously contested."
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2 comments:

  1. dvgsxcb16 April 2015 at 00:12

    It's great post! Thanks for sharing!

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