Banks Face Record Number of UK Lawsuits as Economy Stumbles

Banks in the UK are embroiled in the highest number of lawsuits in a decade in a trend that shows no sign of slowing down.

Almost three new cases involving financial services firms were filed every day on average at the UK High Court last year, according to a report prepared by law firm CMS along with Solomonic Litigation Intelligence.

The high numbers of lawsuits not seen since the aftermath of the 2008 global financial crisis have been sparked by increased instances of payment frauds, economic hardship faced by customers and disputes around Russian sanctions, according to litigators.

The sector ...