Lloyds shareholders launch £14bn claim

Lloyds shareholders have made a £14bn claim against the Treasury and bosses at the banking giant over its controversial takeover of HBOS in 2008.

Lawyers for campaign group Lloyds Action Now have written to the Treasury, Lloyds chief executive Eric Daniels and former chairman Sir Victor Blank, claiming investors were lured into voting for the acquisition without knowing Bank of England loans to the stricken HBOS amounted to about £25.4bn, The Daily Mail reports. The Government and Lloyds bosses have 90 days to respond to a 'letter of claim' sent on Friday. The Bank of England's loans to HBOS were made in October 2008 as the financial system froze after the Lehman Brothers collapse and just as Lloyds shareholders were considerin...