LONDON (Reuters) - London's High Court on Friday dismissed a legal challenge brought by British lawmakers against a financial watchdog over the scope of a 2.2 billion-pound ($2.8 billion) bank redress
UK Court Dismisses Lawmakers' Case Against FCA Over Redress
LONDON (Reuters) - London's High Court on Friday dismissed a legal challenge brought by British lawmakers against a financial watchdog over the scope of a 2.2 billion-pound ($2.8 billion) bank redress scheme related to interest rate hedging products.
The Financial Conduct Authority (FCA) faced legal action over its response to an independent review of the scheme, under which nine banks – including Barclays, HSBC and Lloyds – agreed to pay compensation.
But the case, brought by Britain's All-Party Parliamentary Group on Fair Business Banking, was rejected by the High Court on Friday.
(Reporting by Sam Tobin; Editing by Catarina Demony)
