UK Banks Drop PPI Suit After Setting Aside Billions

Law360, New York (May 9, 2011, 4:27 PM EDT) -- The British Bankers’ Association on Monday abandoned its fight to block retroactive regulations on personal payment insurance, as several U.K. banks — including Barclays PLC and HSBC Holdings PLC — put aside billions of pounds to settle related claims.

Barclays said Monday it would set aside £1 billion ($1.63 billion), HSBC made a £268 million provision for the claims and the Royal Bank of Scotland Group PLC set aside £845 million, in addition to £100 million already earmarked for PPI claims. Lloyds Banking Group PLC announced...
To view the full article, register now.