Peter McKenna, a partner at TLW, recently gave an interview to the Law Society
Gazette giving his views on the issue of mis-sold business bank loans.
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Hundreds to seek compensation for bank mis-selling
Hundreds to seek compensation for bank mis-sellingHundreds of firms are set to pursue claims against banks for mis-selling interest rate hedging products before the financial crash, in an area which could generate thousands of claims for compensation. Newcastle-based firm TLW Solicitors, which specialises in financial mis-selling, is investigating 150 potential cases and working with insolvency professionals across the UK to identify more firms eligible for compensation.
Of those around 30 firms are actively pursuing a claim. But TLW partner Peter McKenna (pictured) said there are ‘potentially thousands of businesses out there that could be affected by this’.
He said: ‘When we are successful in making claims against the banks for these mis-sales, we have the potential to release funds for creditors owed from those businesses that have ceased trading.
Article by: Chloe Smith
chloe.smith@lawsociety.org.uk
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