Genworth Expects to Collect $750 Million on UK PPI Court Ruling

Genworth Financial Inc. expects to receive about $750 million after a UK court found Banco Santander SA liable for losses it suffered in relation to the mis-selling of payment protection insurance policies before 2005.

The policies were sold by GE Capital Bank, which the Spanish lender acquired in 2009. They were underwritten by two units of Genworth that were sold to Axa SA in 2015. On Friday, a UK court said Santander was liable for Axa’s losses linked to those policies and awarded it about £680 million ($911 million), the firms said in statements Friday.