December 8, 2023

UK Supreme Court ruling on statute of limitations could lead to 26,000 PPI claims – TradingView News

A PPI case may continue because a British bank deliberately hid a commission of more than 95 percent for years. The UK Supreme Court decided this on Wednesday, paving the way for 26,000 similar lawsuits.

Senior judges unanimously rejected an appeal by Canada Square Operations, ruling that the six-year limitation period within which these claims must be brought did not begin until after the customer informed the High Commission in 2018.

“Canada Square deliberately concealed these facts from Ms. (Beverly) Potter by deliberately choosing not to report the matter to her,” Justice Robert Reid said in the written ruling.

He told the court it was a “test case on which some 26,000 other claims depend”.

Citigroup spokesman C — The owner of Canada Square, formerly known as Egg Banking — declined to comment.

British banks have already paid about 40 billion pounds ($50 billion) in compensation to their customers for mis-sold payment protection insurance policies, most of which were sold between 1990 and 2010, making it the country’s costliest financial services scandal.

The case, which allows litigation over the 2006 loan, follows the Royal Bank of Scotland NWG Last month (link) he lost an appeal over unfair kickbacks related to the PPI.

“Today’s ruling… will undoubtedly send shockwaves through the banking world,” said Kerry Wilson, a senior associate at law firm Onter.

“This groundbreaking decision may mean that other claims that would have been deemed time-barred can be brought to court and potential claimants can seek compensation for mis-sold PPI policies.”

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($1 = 0.8014 pounds)