Clydesdale Bank cleared of charging unfair fees to small firms

Clydesdale Bank and its former owner, National Australia Bank (NAB), did not charge unfair break fees on loans sold to small businesses between 2002 and 2010, London's High Court ruled on Tuesday.

The case was brought by four businesses against NAB and Clydesdale Bank - now part of Virgin Money UK Plc - in an attempt to establish liability in the dispute over loans. 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.