7th Aug 2014 05:57
LONDON (Alliance News) - Lloyds Banking Group PLC has said it will defend itself against a lawsuit filed by investors in the bank which has the potential to be one of the biggest in terms of damages ever heard in English courts, the Financial Times reports.
The bank was sued in London on Wednesday by investors over its UK government-arranged takeover of HBOS in 2008. The bank's former chairman, Victor Blank, and former chief executive, Eric Daniels, are both named as defendants in the suit, the FT said.
The claimants argue they were misled into approving the merger as key information regarding the true financial health of HBOS was withheld.
http://www.ft.com/cms/s/0/87363338-1d92-11e4-b927-00144feabdc0.html#axzz39OoZxL7X
By Sam Unsted; [email protected]; @SamUAtAlliance
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