Top UK Banks Hit With Penalties For Improper Swap Sales

Law360, New York (September 4, 2013, 3:54 PM EDT) -- A consortium of British banks including Barclays PLC has agreed to shell out £500,000 ($777,710) to 10 customers who were sold complicated derivatives they didn't understand, a figure that is expected to increase rapidly as the banks begin resolving thousands more cases prompted by a U.K. Financial Conduct Authority review.

Barclays, Lloyds Banking Group PLC, HSBC Holdings PLC and The Royal Bank of Scotland Group PLC were the largest among the group of U.K. banks who have begun the process of reviewing and resolving 30,169 cases...
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