Member Article

Lancashire County Cricket Club takes Natwest and RBS to court

Lancashire County Cricket Club has begun proceedings in the High Court against its bankers, NatWest and the Royal Bank of Scotland,

The move is in relation to an interest rate hedging product (IRHP) it purchased from the banks in 2009.

In its claim, Lancashire County Cricket Club alleges that through the sale of the IRHP the banks failed to discharge a number of duties they owed to the Club.

The Club said it has suffered substantial losses as a result.

A Club spokesman said: “Despite some challenges during the ground development period, the Club has had a long and fruitful relationship with Nat West Bank which has stretched over 100 years and, naturally, we are disappointed that we have been left with no alternative but to go down this legal route.

“We fully expect all other aspects of the Club’s relationship with the bank to continue as normal whilst this matter is resolved.”

The Club will not be making any further comment at this time.

This was posted in Bdaily's Members' News section by Sophia Taha .