Reginal Thomas
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Investors Take Group Action Against Lloyds Banking Group

Thousands of Lloyds Banking Group’s investors, launched a group action against the firm, seeking compensation for losses sustained from the bank’s takeover of HBOS back in 2008. Lloyds paid $33.7 billion, in the government constructed takeover, after HBOS was almost shutdown of the wholesale funding markets that it heavily relied on. The Lloyds Actions Now group, which is comprised of 7,500 investors, claims investors lost 12 billion pounds in the takeover. A spokesman for the bank said, “The group’s position remains that we do not consider there to be any legal basis to the claims made by Lloyds Action Now.”