-Clydesdale Bank and its former owner, National Australia Bank (NAB), did not charge unfair break fees on loans sold to small businesses up to two decades ago, London's High Court ruled on Tuesday.
The case was brought by four businesses against NAB and Clydesdale Bank - now part of Virgin Money (LON:VMUK) UK Plc - in an attempt to establish liability in the dispute. More than 900 other small firms were waiting in the wings.
The firms, represented by claims management company RGL Management, were seeking restitution for alleged unjust enrichment by the banks and breach of contract over fixed rate Tailored Business Loans (TBLs) bought between 2002 and 2010.
But in a brief hearing, following a 12-week case last year, the judge found that all claims had failed.
"We are pleased with today’s judgment in favour of Clydesdale Bank ... about historic tailored business loans," said a spokesperson for Clydesdale Bank.
NAB and RGL did not immediately respond to a request for comment.
