Update: Mis-selling of swaps08 May 2014
Kuits has been in close contact with those of our clients involved in the Financial Conduct Authority’s review of the sale of interest rate hedging derivative products, as well as the banks involved.
We have concluded a number of those reviews successfully, with all of the awards being six-figure sums, most recently including an award of £500,000.
As Kuits’ litigation team explain: “The background to the derivatives is complex and, unsurprisingly, many of the products sold by the banks were not understood by most clients. This opens up the possibility for those who were sold such products during the relevant period to obtain basic redress from the review scheme, without having to resort to litigation. Such sums can be significant.
“Once basic redress has been awarded, the client can also consider whether to pursue a claim for Consequential Loss, and we are also advising our clients on those.”
If you were sold an interest rate hedging product and would like to be included in the review, to put yourself in the best possible position to obtain redress you must contact us as a matter of urgency, as the review scheme is targeting an end date of 31 May 2014.
For further information, please contact us or call the litigation team on 0161 838 7807.