“LLOYDS SHAREHOLDERS LAUNCH 14 BILLION POUND CLAIM – Reuters, 6 June 2010

“LLOYDS SHAREHOLDERS LAUNCH 14 BILLION POUND CLAIM – Reuters, 6 June 2010

Shareholders in state-backed bank Lloyds Banking Group (LLOY.L) have written to the Treasury, Lloyds chief executive Eric Daniels and former chairman Sir Victor Blank, stating that they were misled into voting in favour of a takeover of rival bank HBOS when the takeover documents did not reveal the size of the 25.4 billion pound ($37.18 billion) loan the government had made to HBOS. Shareholders have launched a 14 billion pound claim against the recipients of the letters on the basis that they were misinformed of details of the deal that led to a crash in Lloyds' share price and part-nationalisation of the group… [click the link above to read full article]