Car finance scandal: shares in UK lenders jump after supreme court ruling

Lloyds and Close Brothers surge after Friday’s court decision slashed the expected bill for compensation on mis-sold loansBusiness live – latest updatesMillions in line for payouts from £18bn schemeEditorial: mis-sold loans demand action, not excuses or spinShares in UK lenders surged on Monday after a favourable supreme court ruling significantly slashed the anticipated bill for companies engulfed in the car finance scandal.Specialist lender Close Brothers, which is the most exposed to the scandal, jumped as much as 27% at the start of trading, while the UK’s biggest motor loan provider, Lloyds Banking Group, rose by 5.5%. Shares in Barclays, which no longer provides car finance but is dealing with the fallout for the remaining loans on its books, rose by 1.1%. Continue reading...

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