Investors suing the group claim they were not informed that HBOS was a ‘bust, failed bank’ when they voted for the deal
Shareholders in Lloyds Banking Group were “mugged” by the bank and five of its former directors during the takeover of HBOS in 2008, the high court has heard.
On the first day of a case which is expected to require former Lloyds chairman Sir Victor Blank and ex-chief executive Eric Daniels to give evidence, the court heard the deal took place amid intervention from the then prime minister, Gordon Brown, to avoid nationalisation of HBOS in September 2008.