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International

$2 billion lawsuit accuses Barclays of improper sales scheme

May 24, 2017 Reprints

UK-based credit card services firm CCUK Finance Ltd. has filed a £1.6 billion ($2 billion) lawsuit against financial services firm Barclays P.L.C. for mis-selling a payment protection product at its subprime credit card business, Monument, The Telegraph reported. CCUK bought Monument from Barclays in 2007, with the £390 million deal featuring an indemnity clause relating to customers' claims over mis-sold payment protection policies. However, CCUK has alleged that Monument's credit card agreements were "worthless," and has claimed £1 billion in damages from Barclays, together with £600 million for fraudulent misrepresentation.

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$2 billion lawsuit accuses Barclays of improper sales scheme

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