Santander Secures Reversal of GBP677 Million UK High Court Ruling Over PPI Mis-selling

12:51 AM EDT, 09/16/2026 (MT Newswires) -- Banco Santander (SAN.MC, BNC.L) won an appeal against a 677 million-pound-sterling High Court ruling requiring it to reimburse AXA (CS.PA) for costs linked to the historic mis-selling of payment protection insurance in the UK. The dispute concerns policies sold with store cards from the 1970s through January 2005. The policies were underwritten by companies whose rights and liabilities were later acquired by AXA, according to a Tuesday filing. The High Court had earlier ruled that a December 2000 agency agreement required Santander to reimburse AXA for consumer compensation and regulatory fees. However, Santander challenged the ruling, and the Court of Appeal ruled for the Spanish lender. The Court of Appeal found that the indemnity under the agreement was "prospective" and did not extend to policies sold before Dec. 1, 2000. Santander and AXA did not immediately respond to a request for comment from MT Newswires.