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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Close Brothers shares surged 23% following an update on the UK motor finance redress scheme. The estimated cost of the scheme is £320 million ($430 million), which aligns with the amount already set aside. This news alleviates concerns raised by short-seller Viceroy Research regarding understated exposure to the car-finance scandal.