“Lloyds Shareholders’ Huge Claim Over HBOS” – The New York Times, 7 June 2010

“Lloyds Shareholders’ Huge Claim Over HBOS” – The New York Times, 7 June 2010

Shareholders of the Lloyds Banking Group made a compensation claim Saturday of £14 billion ($20.2 billion) against the British Treasury, the businessman Sir Victor Blank and the Lloyds chief executive, Eric Daniels, who they maintain masked HBOS’s “huge debts” in the run-up to the government-mediated rescue deal, The Guardian reported. The former chancellor of the Exchequer, Alistair Darling, Mr. Daniels and Mr. Blank — who was the Lloyds chairman in 2008 at the time of the takeover — have each received letters from lawyers on the Lloyds Action Now campaign that allege that important details on HBOS’s finances were not included in the report on the lender when they were asked to vote whether or not to save the company, The Guardian says… [click the link above to read full article]