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Lloyds HBOS case hauls more executives into court

Paul Hodgson | November 7, 2017

In another peculiarly British situation—no U.S. executives have seen the inside of a courtroom for their actions during the financial crisis in 2008—around 6,000 shareholders have filed a claim against the banking group Lloyds and five of its former directors, including former Chairman Sir Victor Blank and ex-Chief Executive Eric Daniels.  The former finance director Tim Tookey, former Head of Retail Helen Weir, and former Head of Wholesale Banking Truett Tate are also named in the case and are scheduled to give evidence during the 14-week trial over Lloyds acquisition of failing bank HBOS in 2008, days after the collapse of Lehman Brothers. The Lloyds shareholders’ case is centered on the claim that it was not given a true picture of HBOS’ financial health when it voted to let the deal go ahead in November 2008, as the company was not told that it was already a failed bank, bolstered up only by loans from the Bank of England and from Lloyds itself.

In a further development...

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