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Finance

Lloyds faces $87.9 million lawsuit over mis-sold car loans, FT reports

Published by Global Banking & Finance Review

Posted on March 27, 2026

1 min read

· Last updated: April 1, 2026

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Lloyds faces $87.9 million lawsuit over mis-sold car loans, FT reports

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March 27 (Reuters) - Lloyds Banking Group is bracing for a lawsuit by more than 30,000 consumers seeking 66 million pounds ($87.87 million) in damages about mis-sold car loans, the Financial Times

Lloyds Sued for $87.9M by 30,000+ Consumers Over Mis-Sold Car Loans

Lawsuit Details and Financial Impact

Background of the Lawsuit

March 27 (Reuters) - Lloyds Banking Group is bracing for a lawsuit by more than 30,000 consumers seeking 66 million pounds ($87.87 million) in damages about mis-sold car loans, the Financial Times reported on Friday.

Verification Status

Reuters could not immediately verify the report

Currency Conversion

($1 = 0.7511 pounds)

Reporting Credits

(Reporting by Raechel Thankam Job in Bengaluru; Editing by Tasim Zahid)

Key Takeaways

The £66 million lawsuit adds to Lloyds’ growing liabilities, on top of provisions nearing £1.95 billion set aside for motor finance redress.
Lloyds has already allocated £1.2 billion in early 2025, later increasing that total provision to £1.95 billion by late 2025 to address compensation claims from mis‑sold loans.
Regulatory developments—including a Supreme Court ruling and upcoming Financial Conduct Authority redress scheme—continue to shape the scope and cost of compensation to consumers.

References

Frequently Asked Questions

Why is Lloyds Banking Group facing a lawsuit?

Lloyds is facing a lawsuit over mis-sold car loans, with more than 30,000 consumers seeking damages.

How much is being claimed in damages against Lloyds?

Consumers are seeking 66 million pounds, or approximately $87.87 million, in damages.

Who reported the news of the Lloyds car loan lawsuit?

The Financial Times reported the news, as cited by Reuters.

How many consumers are involved in the lawsuit against Lloyds?

More than 30,000 consumers are involved in the lawsuit.

What is the main allegation in the lawsuit against Lloyds?

The main allegation is the mis-selling of car loans to consumers.

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Lloyds faces $87.9 million lawsuit over mis-sold car loans, FT reports

Lloyds Sued for $87.9M by 30,000+ Consumers Over Mis-Sold Car Loans