MILAN (Reuters) -Close Brothers shares popped 30% at the open on Monday, after a Supreme Court ruling last week on car finance commissions went largely in favour of banks, although it still left them facing millions of potential compensation claims.
Among other UK bank stocks affected, Lloyds rose more than 6% and Barclays gained 1.9%. RBC analysts upgraded Lloyds to outperform, saying the top court’s judgement was a “clearing event” for the UK bank.
Following the top court ruling, the Financial Conduct Authority (FCA) said it would consult on a redress scheme for motorists, estimating the total bill could hit between 9 billion and 18 billion pounds.
(Reporting by Danilo Masoni; Editing by Amanda Cooper)
