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Exclusive: Britain's Paragon says will not appeal landmark PPI case ruling

Reuters  |  LONDON 

(Reuters) - British lender Group said it will not appeal a ruling against it in a key case concerning the mis-selling of Payment Protection Insurance, Britain's costliest consumer scandal.

The decision has wide implications for other PPI mis-selling cases because if had appealed to a higher court and lost, that could have set a precedent that could have sparked more lawsuits against banks, lawyers told

British lenders have paid out around 34 billion pounds in compensation to customers mis-sold PPI.

Lloyds has so far paid out 18.8 billion pounds in redress, while and Royal of Scotland have paid an aggregate 15 billion pounds.

will not appeal the ruling against it in the case of Doran versus Paragon Personal Ltd, a for Paragon told on Thursday.

(Reporting By Sinead Cruise, and Emma Rumney, editing by Silvia Aloisi)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 08 2018. 20:32 IST