Barclays faces £1.6bn lawsuit

More trouble for the British bank

A US-based credit card company dragging Barclays to court for PPI mis-selling

Filed in London, the lawsuit is claiming £1.6bn in compensation for mis-selling payment protection insurance at a subprime lending business CCUK bought 10 years ago.

CCUK Finance is the British subsidiary of a US company that acquired a subprime credit card business called Monument from Barclays.

In a statement issued late last night, Barclays said: “Over the last 10 years we have operated within the parameters of the deal agreed with CompuCredit and believe their recent claims against us are baseless and without merit.

“We will be vigorously defending our position.”

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