Lloyds Dodges Investor Suit Over HBOS Acquisition

Law360, New York (October 17, 2012, 4:25 PM EDT) -- Lloyds Banking Group PLC on Tuesday escaped a putative investor class action alleging it had concealed the precarious position of Halifax Bank of Scotland PLC prior to acquiring it in 2008, after a New York federal judge ruled the plaintiffs had failed to prove any fraud by the bank.

According to U.S. District Judge P. Kevin Castel, the claims of the plaintiffs — a group of holders of American depositary shares in the British bank — that Lloyds had hidden emergency aid to HBOS and overstated...
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