Small Biz Owners Accuse Barclays Of 'Predatory' Misselling
Law360, London (November 14, 2017, 5:46 PM GMT) -- Barclays PLC used "predatory sales practices" when it allegedly missold small business owners a complex interest rate hedging product that caused them to suffer substantial financial losses, the attorney representing a British couple in a landmark case against the U.K. lender told a High Court judge on Tuesday.
Husband and wife Ramesh and Rana Parmar, who run a family business that sells disposable gloves, allege that Barclays missold them two complicated derivatives products by concealing a so-called credit equivalent exposure, or CEE, which indicates how exposed the lender is to the risk of loss if the borrower defaults.
The couple accuse...
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