Shares in lenders soar after motor finance court ruling

Lloyds Banking Group and Close Brothers have seen shares soar higher after Friday’s Supreme Court judgment ruled lenders were not liable for hidden commission payments in car finance schemes (Alamy/PA) - (Alamy/PA)

Lloyds Banking Group and Close Brothers have seen shares soar higher after a landmark ruling by the Supreme Court on motor finance commission payments softened the blow for the sector.

The decision – which was handed down after the market close on Friday – saw FTSE 100 listed Lloyds shares jump nearly 8%, while Close Brothers stock soared by as much as 34% at one stage in the FTSE 250.