Property Firm Claims Clydesdale Forced It Into Costly Loans
Law360, London (April 19, 2018, 4:19 PM BST) -- A U.K. property investment firm has accused Clydesdale Bank PLC of making false statements and unduly pressuring Milton Ashbury Ltd. into entering fixed rate loans in 2008 and 2011, seeking damages from the British lender in a suit filed in London.
Milton Ashbury, a micro enterprise with fewer than 10 employees, alleged in its April 6 claim filed in the High Court that the bank made negligent and fraudulent representations and threatened to withdraw loans worth around £5.1 million ($7.25 million) in an attempt to squeeze more profit from the firm’s borrowings.
According to the claim, Clydesdale relationship manager Matt Daily...
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