Top UK Banks To Provide Redress Over Derivative Sales

Law360, New York (June 29, 2012, 6:44 PM EDT) -- Barclays PLC, The Royal Bank of Scotland Group PLC and two other major British banks agreed Friday to compensate small and medium-size businesses after a U.K. watchdog found that the banks had improperly sold interest rate hedging products.

The U.K.'s Financial Services Authority said in a statement that the country's four largest banks — Barclays, RBS, HSBC Holdings PLC and Lloyds Banking Group PLC — had settled allegations that they used a number of poor practices in selling the hedging products, which range from products that...
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