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Alan Sugar launches £10m mis-selling complaint against Lloyds
by Daniel Grote on Aug 12, 2013 at 09:47
Entrepreneur Alan Sugar is battling for £10 million from Lloyds Banking Group over the sale of a hedging product on a loan taken out against part of his property holdings, according to The Telegraph.
The report said Lloyds had received a letter of complaint from Sugar, and cited sources as claiming the business guru wanted £10 million in break fees paid to cancel the interest rate hedging contract returned.
According to the newspaper, Sugar is understood to be considering legal action if his complaint is unsuccessful. The derivative is thought to have been for £97 million and taken out to protect against a rise in interest rates on a Lloyds loan.
Lloyds and a spokesman for Sugar both declined to comment to the paper.
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