Lloyds Bank shareholders demand £14 billion compensation
A group over Lloyds Bank shareholders are looking to take action against the UK government and Lloyds TSB directors in relation to the disastrous acquisition of HBOS at the height of the financial crisis. Information obtained by the group of shareholders seems to indicate that the UK government lent £25.4 billion to HBOS in October 2008 although this was not disclosed until November 2009 making the information unavailable at the time that Lloyds Bank shareholders were asked to vote upon the acquisition of HBOS.
When you consider the cold hard facts of the situation it is no surprise that many Lloyds Bank shareholders, who have seen their investments in Lloyds Bank capitulate, are aggrieved. Indeed there have been many rumours and counter rumours in the market for some time regarding how exactly the merge of the two operations came into being with unproven allegations of pressure from the political arena on Lloyds Bank. Whatever happens in relation to this potential £14 billion compensation claim further disclosure of the time scale covering the merger of Lloyds Bank and HBOS, and communications from the government to Lloyds Bank, will be embarrassing for the UK authorities. Will the government allow the shareholders to have their day in court?
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