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Lloyds, MotoNovo, Santander targeted by UK antitrust class action over car financing charges

( August 9, 2023, 13:09 GMT | Official Statement) -- MLex Summary: Lloyds Banking Group unit Black Horse, MotoNovo Finance and Santander UK have been targeted by a UK antitrust class action over car financing charges, according to a statement from the claimant's lawyers. The claims, filed at the Competition Appeal Tribunal, argue that consumers were unknowingly charged higher interest rates due to a "network of anticompetitive agreements" between car finance providers and car dealers. The value of the claim, led by consumer advocate Doug Taylor, is expected to be around one billion pounds ($1.3 billion), according to Scott + Scott, the law firm representing him.Statement follows....

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