Hundreds to seek compensation
for bank mis-selling
Hundreds 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.