Barclays To Withdraw From PPI Case
Barclays is likely to withdraw from a legal battle over payment protection insurance.
Barclays is likely to withdraw from a legal battle over payment protection insurance (PPI), Financial Times reports. The case is being led by the British Bankers’ Association over PPI, a form of loan cover that was sold to clients who did not realise they were buying it or who would not have been able to claim under their policies.
London-based Barclays is expected to take a hit of up to £1.4 billion when it announces its withdrawal. Lloyds Banking Group, which has already withdrawn from the PPI case, is expected to take a £3.2 billion charge to compensate customers.
Click here for the story from Financial Times.
Click here for additional coverage from The Guardian.