Shareholders sue Lloyd's Bank, directors for HBOS takeover
They allege that the target was valued at £5.9b when it was 'effectively worthless'
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say