Lloyds Shareholders Wield Claims Over HBOS Deal

Law360, New York (June 7, 2010, 7:00 PM EDT) -- A coalition of Lloyds Banking Group PLC shareholders has sent demand letters accusing executives of concealing key details from investors about the vast debts of HBOS PLC before the 2008 merger of the two financial giants, a deal the group says led to ₤14 billion ($20 billion) in shareholder losses.

The group, Lloyds Action Now, sent letters to the U.K. Treasury, Lloyds' chief executive Eric Daniels, and Sir Victor Blank, who was chairman at the time the government-assisted deal was made at the height of the...
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