Correction: Update: Santander Secures Reversal of GBP677 Million UK High Court Ruling Over Payment Protection Insurance Mis-selling

12:22 PM EDT, 09/16/2026 (MT Newswires) -- (Corrects to clarify AXA statement in fifth paragraph and updates to add Santander comment) 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 in favor of 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. In an emailed statement to MT Newswires, AXA said it is considering its options, including a potential appeal to the UK Supreme Court. "However, the financial impact of the appellate judgment on AXA is immaterial, as Genworth has already reimbursed AXA for the vast majority of its PPI mis-selling costs, following an earlier litigation against Genworth." Santander, meanwhile, welcomed the Court of Appeal's decision. "AXA will be required to repay the substantial majority of the amount previously paid by Santander following the first instance judgment, together with interest and costs."