“Former Lloyds bosses to be sued over HBOS takeover” - The Telegraph, 31 December 2011

"Former Lloyds bosses to be sued over HBOS takeover" - The Telegraph, 31 December 2011

Sir Victor Blank and Eric Daniels, the former chairman and chief executive of Lloyds Banking Group, are to be sued in the US courts by American shareholders unhappy at the bank’s takeover of HBOS at the height of the credit crisis... Claim forms have been lodged with the Southern District of New York against the two former executives, along with the bank itself, by US-based shareholders. The forms, copies of which have been seen by The Sunday Telegraph, accuse the bank’s board of making misleading statements about the quality of the transaction, even though HBOS was technically insolvent at the point of takeover... [click the link above to read full article]