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Investors turn against Lloyds bank directors

It is rumoured that the UK Shareholders Association has taken legal advice regarding the Lloyds bank acquisition of HBOS and significant losses incurred by a number of investors. It is no secret that the Lloyds bank and HBOS merger, mooted as one of the best fits in the industry, has fallen apart over the last few months and seen Lloyds bank take on significant bad debts from its new subsidiary. As a consequence many shareholders are now nursing severe losses and looking to take legal action against Lloyds bank directors although on what grounds remains to be seen.

Prior to the HBOS acquisition, Lloyds bank was one of the more conservatively run UK banking operations and one which many investors believed would could come through the ongoing recession in relatively good shape. However, the government induced HBOS merger was put forward as a rescue bid for the company and the sector but has severely impacted upon Lloyds bank in the short term. Whether Lloyds bank directors have in any way acted inappropriately regarding HBOS merger has not been proven but no doubt we will hear both sides of the story if the prosecution ever reaches court.

This is not the first and it will not be the last time that UK investors look for financial compensation as a result of share price performances during the recession.

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