Almost 150 claimants have filed class action against Clydesdale Bank and former owner National Australia Bank alleging thousands of business loans were mis-sold in a potential multi-million pound claim.

Claims management company RGL  has started legal action on behalf of about 140 former customers of Clydesdale, but says ultimately there could be more than 2000 claimants from England, Scotland and Wales.

James Hayward, chief executive of  RGL Management said: “Clydesdale’s conduct towards its customers has been utterly disgraceful. We are pleased to be launching this action today to recover the hundreds of millions of pounds in losses owed to claimants. We are resourced to prosecute this matter to a successful outcome for the claimants.

“Clydesdale’s conduct towards its customers has been utterly disgraceful,” said James Hayward, the CEO of RGL Management.

HeraldScotland:

“We are pleased to be launching this action today to recover the hundreds of millions of pounds in losses owed to claimants. We are resourced to prosecute this matter to a successful outcome for the claimants.” 

Clydesdale has said they have not received any official papers from the claim group.

READ MORE: Clydesdale berated for 'browbeating' small business client

In October, last year, a group of MPs called on the Financial Conduct Authority to launch an investigation into the “unanswered questions” surrounding tailored business loans provided to small and medium-sized enterprise customers by Clydesdale Bank (CYBG).

At the time a Clydesdale spokesman said the bank “strongly refuted” any suggestion the bank had not fully investigated historic cases involving business customers.

The case relates to around 8,300 Tailored Business Loans (TBLs) that Clydesdale issued between 2001 and 2012.

The allegations against Clydesdale and NAB relate to claims of deceit, misrepresentation, negligent mis-statement, breach of contract and unjust enrichment in relation to the loans.