Lloyds Bank Escapes £80M Swaps Suit With Settlement

Law360, London (October 21, 2019, 5:36 PM BST) -- A now-defunct property investment company has dropped its £80 million ($103 million) legal claim accusing a Lloyds Banking Group PLC unit of misselling it four interest rate swap trades at the height of the financial crisis.

The claim, filed by family-owned Ventra Investments Ltd. against Bank of Scotland PLC, has been dismissed after the two companies reached an out-of-court agreement, according to new court documents.

"Upon the parties having agreed to a compromise on confidential terms, by consent it is ordered the claim is dismissed," Richard Salter QC, sitting as a judge of the High Court, wrote in a consent order...

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