Deals
Lloyds Reaches Last Leg of Crisis-Era Clash Over HBOS Takeover
- Bank sued for 600 million pounds for decision to acquire HBOS
- Shareholders say bank didn’t give information needed to vote
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Lloyds Banking Group Plc has entered the final stretch of a months-long court battle with shareholders over its fateful purchase of failing HBOS at the height of the financial crisis. But both sides will have to wait even longer for a verdict.
About 6,000 retail and institutional investors sued for 600 million pounds ($827 million) claiming the bank and its executives deliberately misled them to win approval for the HBOS takeover by failing to reveal the true extent of its catastrophic financial position.