BBA Abandons Legal Challenge To PPI Ruling

Sky News Monday 9th May, 2011

The move paves the way for thousands of customers to receive compensation for mis-sold insurance. It follows a High Court ruling in April which forced banks to invite previous customers to lodge claims for mis-selling. The BBA met on Friday and abandoned plans to challenge the court's decision. The climbdown comes after Britain's biggest retail bank, Lloyds Banking Group, last week said it was pulling out of any further legal action and setting aside 3.2bn to compensate customers. Barclays also announced today that it will pull out of the legal fight and has earmarked 1bn to pay claims. Barclays chief executive Bob Diamond said: "We don't always get things right for our customers. When we get them wrong, we apologise and put them right." RBS said last week it was awaiting legal advi...

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