MP Says Lloyds Bank Must Explain Role In HBOS Fraud
Law360 (December 18, 2018, 4:15 PM EST) -- A Conservative Party lawmaker has called on Parliament to investigate how executives at Lloyds Banking Group PLC established a compensation scheme for victims of a massive fraud at HBOS PLC, claiming the scheme is a scam to prevent small businesses from being paid out.
Kevin Hollinrake, chairman of the All-Party Parliamentary Group for Fair Business Banking, urged fellow party member Nicky Morgan, the chair for the Treasury Select Committee, to haul Lloyds’ CEO António Horta-Osório before lawmakers to explain the bank’s role in a £245 million ($310 million) loan scam at a branch of HBOS that wrecked vulnerable companies in the run-up to the 2008...
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