UK Group Challenges Lloyds-HBOS Union

Law360, New York (December 8, 2008, 12:00 AM EST) -- The United Kingdom's competition appeals court heard an eleventh-hour legal challenge on Monday to the British government's decision to clear Lloyds TSB's proposed acquisition of HBOS PLC — the holding company for the Bank of Scotland and the U.K.'s largest mortgage lender — without referring it to competition authorities.

The appeal by the Merger Acquisition Group, which represents more than 500 shareholders, businessmen and politicians — to the U.K.'s Competition Appeals Tribunal takes aim at the British government for relaxing its competition rules for the deal...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.