Barclays 'will not challenge High Court ruling'

9 May 2011

Barclays bank has revealed it will not challenge a ruling that may result in it being ordered to recompense its customers to the tune of £8 billion ($13 billion).

The major British institution faces accusations of mis-selling insurance and personal loans to consumers and is now subject toaction from the High Court.

However, after the British Bankers' Association stated today (May 9th) that it would not be appealing the decision made to potentially penalize companies, Barclays has also opted to abandon any attempts to overturn this ruling.

This represents the same decision taken by fellow bank Lloyds TSB recently and Robert Diamond, chief executive of Barclays, noted the call had been made with "the best interests of our customers" in mind.

"We don't always get things right for our customers; when we get them wrong, we apologize and put them right," he added.

This comes after the Royal Bank of Scotland announced first quarter losses of £528 million last week.

By Tony Aynsley

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