Santander Wins Appeal Over AXA PPI Ruling
Santander successfully overturned a London court ruling requiring it to pay AXA about 912 million dollars for US payment protection insurance costs. The appeal court found Santander was not obliged under the 2000 agency agreement to reimburse AXA for policies sold before late 2000.
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BANCO SANTANDER SA won an appeal on Tuesday morning against a London court ruling that ordered it to pay $912 million to AXA SA for mis-sold payment protection insurance in the United States. The Court of Appeal decision reverses a High Court judgment from last year that awarded AXA an indemnity of about £677 million including interest. Santander noted that roughly 85% of that amount related to policies sold before the relevant agency agreement took effect.
