May 23, 2017

Barclays faces £1.6bn PPI mis-selling lawsuit by US group

The lawsuit, which was filed in the High Court in London, represents one of the biggest claims for PPI mis-selling. The claim was made by CCUK Finance, the British subsidiary of a US company that 10 years ago acquired a subprime credit card business called Monument from Barclays. Barclays has been paying out some compensation for PPI claims made by former Monument customers. Barclays said: "Over the past 10 years we have operated within the parameters of the deal agreed with CompuCredit and believe their recent claims against us are baseless and without merit." Barclays acquired Monument in April 2002 for a reported sum of $650m-$660m from Providian, the struggling US subprime card lender.

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