1st Oct 2014 05:57
LONDON (Alliance News) - A group of investors has joined forces to sue Lloyds Banking Group PLC and five former executives of the bank, alleging they were misled about the British government-arranged acquisition of HBOS PLC in 2008 which they claim wiped around GBP6 billion off the value of their shares, Reuters reported on Tuesday.
The claim by the Lloyds Shareholder Action Group names former chairman Victor Blank, former chief executive Eric Daniels, former finance chief Timothy Tookey, former retail banking head Helen Weir, and former wholesale banking boss George Truett Tate.
It is the second US-style class action suit launched in the UK alleging misdeeds by banks during the financial crisis following a similar case launched against Royal Bank of Scotland Group PLC, where investors are claiming damages of around GBP4 billion.
http://uk.reuters.com/article/2014/09/30/uk-lloyds-banking-courts-shareholders-idUKKCN0HP1HS20140930
By Sam Unsted; [email protected]; @SamUAtAlliance
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