Barclays is facing a court battle over hundreds of millions of
taxpayer pounds after 14 local councils filed a mass legal action
against the bank. Greater Manchester, Bristol, Liverpool and Leeds are
among the local authorities accusing the bank of fraud over loans to
councils and other public bodies that were once worth billions. Barclays
is accused of rigging interest rates and thereby potentially
manipulating charges to borrowers.
The High Court claim, seen by The Mail on Sunday, relates to hugely
controversial Lender-Option, Borrower-Option loans, commonly known as
Lobo loans. These have been described as ‘lose-lose’ for borrowers and
the attached terms have already sparked public outrage. Campaign group
Debt Resistance UK estimates that at least 240 councils took out these
loans from lenders such as Barclays and are saddled with:
www.dailymail.co.uk/money/news/ar…storm.html
The longer an organization is in business, the more history they have
to tell the client whether it is a company of honesty and integrity, or
its a company that is riddled with stories that should make one
question whether or not to do business with them. Knowing the history of
the individual and company is important.
No comments:
Post a Comment