Lloyds Bank win leaves thousands of shareholders unhappy

The sign of the Black Horse Credit: D K Grove Shutterstock

A DISAFFECTED group of 5,803 former Lloyds TSB shareholders have lost a multi-million-pound action against the bank over its purchase of HBOS in 2009.

They argued in court that the bank made the wrong move in taking over rival HBOS as it was laden down with bad debts and unrecoverable mortgages.

In addition, they believed that information concerning more than £35 billion (€38 billion) of emergency financial assistance from the Bank of England and Lloyds was withheld from shareholders which led to the virtual takeover of Lloyds by the British Government.

Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews