LONDON - Close Brothers (F:CBRO) Group PLC (LSE:CBG) has been granted permission to appeal a recent Court of Appeal judgment in the "Hopcraft" motor finance commissions case, the company announced today. The Supreme Court will hear the appeal, although a date for the proceedings has not been disclosed.
The initial application for permission to appeal was submitted by Close Brothers Limited (CBL), a subsidiary of Close Brothers Group, on November 22, 2024, following an unfavorable ruling by the Court of Appeal. The nature of the original case pertains to undisclosed commissions in motor finance agreements, commonly referred to as the "Hopcraft" case.
Close Brothers has stated that it will not provide further commentary on the ongoing legal process. The company will make additional announcements as appropriate in the future.
The news of the granted appeal is considered inside information, as defined by the UK version of the Market Abuse Regulation ((EU) No. 596/2014), and with the release of this announcement, such information is now deemed to be in the public domain. Sarah Peazer-Davies, Company Secretary for Close Brothers, is cited as the responsible individual for the dissemination of this information.
Based in the United Kingdom (TADAWUL:4280), Close Brothers is a merchant banking group offering services in lending, deposit taking, wealth management, and securities trading. The company employs approximately 4,000 people, mainly in the UK and Ireland, and is a constituent of the FTSE 250 index.
In the announcement, Close Brothers also issued a cautionary statement regarding forward-looking statements, which may be subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from expected results. The company emphasizes that past performance should not be seen as an indicator of future performance and advises consulting an independent financial adviser for those requiring advice.
The press release concludes by clarifying that the announcement is not an offer to sell or a solicitation of an offer to buy any securities and should not be considered as a recommendation regarding the company's securities. The information is based on a press release statement and is provided by RNS, the news service of the London Stock Exchange (LON:LSEG).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.