Close Brothers Group Plc saw a significant decrease in its stock value after a court ruling regarding its disclosure obligations for customers obtaining car loans. The ruling could result in substantial liabilities for the company, leading Close Brothers to temporarily suspend new UK motor finance business while it reevaluates its processes.
This legal setback has caused concerns among investors about the potential financial impact on the company, resulting in a sharp decline in its stock price.
Close Brothers intends to appeal the ruling to the UK’s Supreme Court, demonstrating its commitment to challenging the decision.