UK Supreme Court Opens Car Loans Hearing As Banks Risk Huge Bill

Source: International Business Times

The UK's highest court on Tuesday opened a hearing to determine whether controversial car loans were unlawful AFP The UK's highest court on Tuesday began a hearing to determine whether controversial car loans were unlawful, in a case that could cost banks billions of pounds in compensation. Banks are appealing a landmark ruling by a Court of Appeal in November that deemed it unlawful for car dealers to receive a commission on loans without sufficiently informing borrowers. It is estimated that millions of drivers would be eligible for compensation should the Supreme Court side with borrowers in the three-day hearing.