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Banking huge asks court to strike out part of AXA’s multimillion-dollar lawsuit

Spanish financial services firm Santander Group has asked a London court to strike out parts of a £624 million lawsuit brought by AXA over mis-sold payment protection insurance (PPI), claiming that the insurer’s arguments were “disingenuous.”

Two units of the banking giant – Santander Cards UK Ltd. and Santander Insurance Services UK Ltd – told the High Court of Justice of England and Wales that AXA should not be allowed to argue that the subsidiaries had accepted liability for wrongly selling PPI products under a settlement deal, saying that a settlement agreement had not been “finalised or executed,” according to a Law360 report.

Revealing email correspondence between the two sides to the court, Adam Zellick, who represents Santander, said that the bank and the insurer were “a million miles away from a position that could be described as a binding settlement,” adding that there was “much still in the air to be resolved” before the settlement was finalised, and no document was signed

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