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Success in agricultural finance group claim

Cases, Real Estate

09 February 2023

Ted Loveday, instructed by Clarke Willmott LLP, has successfully obtained settlements in long-running High Court claims for alleged mis-selling of financial products to farmers by companies including Nationwide Corporate Finance Ltd.

The outcome has been widely reported in the agricultural press: e.g. Farmers Weekly; The South West Farmer; and The Scottish Farmer.

The proceedings were believed to be one of the largest group claims in history relating to alleged financial mis-selling in the agricultural sector. They were issued in 2019 in the High Court in Bristol, with the pleadings settled by Ted Loveday and Head of Chambers Christopher Pymont KC. After pandemic-related delays, a case management hearing took place in February 2022 before His Honour Judge Jonathan Russen KC at which Ted represented seventeen different claimants.

Clarke Willmott reports that the claimants reached settlements between May and October 2022, with final three claimants receiving substantial sums by way of damages together with contributions towards their costs. Although Nationwide Corporate Finance Ltd and Bluerock Secured Finance Ltd did not admit liability, they waived any further claims to the farmers’ equipment. For further detail see the website of Clarke Willmott LLP.

Members of Maitland Chambers have experience of advising on civil and commercial aspects of agricultural law, and representing farming businesses in a range of litigation including contractual, insolvency, banking and property disputes. For inquiries, please contact the clerks.

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