UK Court Allows Santander to Appeal Payment Protection Insurance Case Ruling
By Nicholas G. Miller
A U.K. court granted Santander's request to appeal a previous ruling that found it liable for losses incurred by financial services company AXA resulting from Santander's alleged mis-selling of payment-protection insurance policies.
The original July ruling awarded AXA $911 million in damages, interest and cost, but now that Santander's request for appeal has been granted, the case will be determined by the Court of Appeal in 12 to 18 months.
"We are pleased that the Court of Appeal granted permission for Santander to appeal the English Commercial Court's judgment in July 2025 in respect of AXA France's claim relating to PPI sold from the 1970s to 2005. A substantive hearing is likely to be held in 2026," a Santander spokesperson said.
The policies in question were underwritten by two companies that AXA acquired from Genworth Financial in 2015. Under previous agreements between the two companies, Genworth is entitled to a portion of the money that AXA recovers related to the mis-selling losses. In July, Genworth said that could amount to $750 million.
Write to Nicholas G. Miller at nicholas.miller@wsj.com.
(END) Dow Jones Newswires
October 22, 2025 10:21 ET (14:21 GMT)
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