Seven councils sue Barclays over £500m loans

PA Seven councils in England are suing Barclays over bank loans worth more than £500m they claim they were fraudulently sold. Between 2004 and 2010 the seven councils took out 49 Lender-Option Borrower-Option loans with Barclays. Data gathered by the campaign group UK Debt Resistance, via freedom of information requests, shows that the seven councils taking the group action took out lobos worth a total of £550m. What is a LOBO Loan? Lobo loans are typically long-term loans ranging in length from 40 to 70 years. He said the organisation was "Heartened to see local councils filing legal action against Barclays related to lobo loans, which has resulted in hundreds of millions of pounds being skimmed from struggling town hall budgets".

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