Close Brothers Slumps After Losing Motor Finance Appeal - Bloomberg

New cars are displayed for sale on a forecourt of a car dealership that is offering finance for consumers in Bristol, UK.

Photographer: Matt Cardy/Getty Images

Shares of Close Brothers Group Plc plunged after it lost a court ruling over its disclosure obligations for customers taking out car loans, in a move the lender said could result in “significant liabilities” for its business.

Close Brothers has temporarily paused the writing of new UK motor finance business while it reviews its processes in light of the case, according to a statement. The company said Friday it intends to appeal the decision to the UK’s Supreme Court.