Powered by

Lloyds 'needs firm message' on duties after taking 'colossal risk' in HBOS deal

Mar 01, 2018 - City A.M.

LAWYERS acting for Lloyds Banking Group investors in a £550m legal action over its handling of the 2008 purchase of HBOS yesterday asked the judge in the case to send a "firm message" over the lender's "duties to its shareholders".

The High Court heard closing arguments from Richard Hill QC, who is representing around 6,000 investors at the time of the deal.

The court heard that "the directors were exposing their own shareholders to colossal risk" in proposing they vote through the ...