Lloyds Investors Sue Over Shady Bank Acquisition

Law360, New York (December 1, 2011, 2:19 PM EST) -- Holders of American depositary shares in Lloyds Banking Group PLC on Wednesday launched a purported class action alleging the British bank concealed the hobbled condition of Halifax Bank of Scotland prior to acquiring it in 2008, causing massive investor losses when the truth emerged.

In a complaint filed in New York federal court, plaintiff Albert R. Ross claims that Lloyds hid the billions of dollars in assistance HBOS received from the Bank of England and the U.S. Federal Reserve in 2008 due to losses on bad...
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