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Shareholders sue Lloyd's Bank, directors for HBOS takeover

They allege that the target was valued at £5.9b when it was 'effectively worthless'

Published Fri, Oct 3, 2014 · 09:50 PM

London

LLOYDS Bank shareholders have begun to take legal action against the bank and former directors.

The UK class action of "Lloyds Action Now" alleges that former Lloyds chairman Victor Blank, former chief executive Eric Daniels, former finance boss Timothy Tookey, former retail banking head Helen Weir and former wholesale banking boss George Truett Tate breached directors' fiduciary and other duties when the bank acquired Halifax Bank of Scotland (HBOS) during the financial crisis of late 2008.

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