NAB, Virgin Money prevail in British lawsuit

London | National Australia Bank and its former UK subsidiary Clydesdale Bank have won a long-running British courtroom stoush, heading off a potential class action that could have put them on the hook for hundreds of millions of dollars.

The two banks were being sued by four British small businesses who alleged they had been mis-sold fixed-rate business loans, and were seeking more than £12 million ($23 million) in costs.