LONDON (Reuters) - British lender Paragon Banking 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 Paragon had appealed to a higher court and lost, that could have set a precedent that could have sparked more lawsuits against banks, lawyers told Reuters.
British lenders have paid out around 34 billion pounds in compensation to customers mis-sold PPI.
(Reporting By Sinead Cruise, Lawrence White and Emma Rumney, editing by Silvia Aloisi)
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