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Message : Required fields LONDON (Reuters) - London s High Court has rejected a rescue plan from subprime lender Amigo that would have cut compensation payouts to customers for mis-selling loans, sending the company s shares plunging more than 50% on Tuesday. Britain s Financial Conduct Authority (FCA), which opposed the scheme in court, said it thought Amigo could propose a fairer deal for customers. Subprime lenders in Britain have been hit by a regulatory clampdown in recent years that has led to a wave of claims, and in some cases compensation payouts, for mis-selling loans. The effect of the COVID-19 pandemic has added to the strain. ....
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The future of subprime lender Amigo has been thrown into doubt after its rescue plea was rejected by the High Court. Shares in the troubled guarantor lender were slashed in half on Tuesday morning after the court decision fuelled concerns that the business could be forced into administration. Amigo had previously said that the rescue plan, which would see it hand out lower than expected compensation packages to customers, was integral to its survival. Mr Justice Miles stated that he was “not satisfied that the court should sanction the scheme”. It came after two weeks of significant losses in the company’s share price after the Financing Conduct Authority (FCA) also criticised the scheme. ....
Shares in subprime lender Amigo Loans fell close to 50 per cent today after its proposed rescue plan was roundly rejected by the High Court, despite the approval of creditors. The guarantor loan provider has been struggling under a mountain of historic mis-selling complaints and had appealed to the courts to allow it to cap compensation payments and set aside a potential £35million pot to deal with them. However the scheme failed at the final hurdle, after the High Court said it felt roughly 1million current and past borrowers were not given sufficient information to make a decision on its scheme of arrangement. ....
Adios, Amigo? Sub-prime lender shares collapse in half after court blow Subprime lender Amigo Loans has suffered a major blow after a High Court judge knocked down plans to cap compensation payments for historic complaints. A High Court judge ruled in favour of the Financial Conduct Authority who argued that the scheme would place a “disproportionate burden on customers, as opposed to shareholders and bondholders.” The ruling, handed down by High Court justice Robert Miles, rejected Amigo’s claim it would go into insolvency if the scheme was not approved. Amigo lends to individuals with poor credit who are able to find friends and families to guarantee their loans. ....