Borrowers Accuse Lloyds Of Ignoring Real Estate Loan Caps

Law360, New York (June 8, 2012, 4:05 PM EDT) -- Lloyds TSB Bank PLC was hit with a proposed class action Tuesday claiming it disregarded real estate loan cap protections for borrowers associated with risky convertible currency loans, in which principal balances are converted to foreign currency and adjusted based on conversion rates.

In their suit filed in California federal court, named plaintiffs David and Patricia Osmena claim Lloyds repeatedly ignored its promise to borrowers that their principal balances would be capped at 120 percent of the original amount before conversion to Japanese yen, protecting them...
To view the full article, register now.




Case Information

Case Title

Osmena et al v. Lloyds TSB Bank, PLC et al

Case Number



California Northern

Nature of Suit

190(Contract: Other)


Magistrate Judge Paul Singh Grewal

Date Filed

June 5, 2012

Law Firms

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.