Most documentation we receive goes into the members area but where it is apparent they are so important they should be in the Public Domain, we will be posting them on this section of the site - starting with the extraordinary exchanges recently between Andrew Tyries of the TSC and various executives from RBS in relation to "GRG is definitely not a profit centre." - the honest mistake. As far as we understand it, this correspondence was always intended to be shared in the public domain - but we haven't seen it anywhere yet! The most recent letters are at the top.
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Press Release from Harcus Sinclair regarding the Lloyds Shareholder case.
Notice of New Court Date for 14-week Trial of
Lloyds/ HBOS Shareholder Group Litigation
London 16 October 2017: The trial of the Lloyds/HBOS Group Litigation has been listed for 14 weeks of Court time. Opening submissions are expected to be given starting Wednesday 18 October 2017.The hearing will take place at the Royal Courts of Justice in the Rolls Building, London, Courtroom 15. It will be heard by The Hon Mr Justice Norris, who replaces Mr Justice Nugee.
The public including the media are permitted to attend the trial.
The Lloyds/HBOS Shareholder Action comprises approximately 6,000 claimants all of whom were shareholders in Lloyds TSB at the relevant time. Approximately 300 of the claimants are corporate entities, including pension funds and other large investment funds domiciled primarily in the UK, Europe, the USA, Canada and Asia. The rest of the claimant group is comprised of private shareholders. It is one of the largest claims brought against a UK bank and its directors arising from the financial crisis. The Claim is being brought against five former directors of Lloyds and Lloyds itself.
The defendants are Lloyds Banking Group plc and various of its former directors, each of whom will be cross examined during the trial:
(1) Sir Maurice Victor Blank
(2) John Eric Daniels
(3) Timothy Tookey
(4) Helen Weir
(5) George Truett Tate
A spokesperson from the committee of the Lloyds Shareholder Action Group said:
“We will finally have our day in court after nearly ten years and expose the injustice done to Lloyds TSB shareholders who were duped into rescuing a defunct HBOS.
“The trial will show how much the director defendants knew about how bad HBOS was, that they concealed crucial information about HBOS’s financial position, and that they should not have recommended the deal on the basis that they did, nor should they have allowed the deal to go ahead on those terms.
“The fact that Lloyds Banking Group under the leadership of its current Chief Executive Officer, Antonio Horta Osorio, is continuing to stand by and defend the actions of the director defendants is staggering, especially given the reputational damage done to the bank as a result of his slow response to providing redress to the victims of the HBOS Reading scandal.
“As well as hearing directly from the director defendants, we will also finally get to the bottom of the role played by the government, the Bank of England, the UK Listing Authority and the FSA in pushing the deal through and relaxing competition rules, without which this deal could not have happened.”
In July of this year, the High Court ordered the UK Department for Business, Enterprise and Industrial Strategy to disclose all documents which were submitted to the Competition Appeal Tribunal (CAT) in 2008. The ‘secret dossier’ contains documents and submissions from the various government authorities, as well as Lloyds and HBOS, which were relied upon at a private hearing held in December 2008 to decide whether the acquisition should be referred to the Competition Commission. A decision on whether these documents must remain confidential during the course of this trial and beyond shall be made by the judge at the start of this trial.
The Claimants are being represented by Harcus Sinclair UK Ltd, a leading law firm which is focused on bringing group action cases on behalf of large numbers of individuals and corporate clients who share the same essential complaint. The claimants’ Counsel team includes Richard Hill QC of 4 Stone Buildings, Sebastian Isaac of One Essex Chambers, Jack Rivett of Erskine Chambers and Lara Hassell-Hart of 4 Stone Buildings.
About the case
The claim against Lloyds and its former directors is founded on alleged breaches of the duties that were owed by the directors of Lloyds to the bank’s shareholders in recommending the acquisition of HBOS in 2008/2009 and providing information to shareholders regarding the proposed acquisition and the financial circumstances of HBOS. The directors did not disclose to the Lloyds TSB shareholders that Lloyds had secretly made a £10 billion loan facility available to HBOS and that HBOS had been receiving covert funding of up to £25.65 billion from The Bank of England and $18 billion from the Federal Reserve. In particular, the claim asserts that the acquisition of HBOS was a very bad deal for the shareholders of Lloyds because exchanging 0.605 Lloyds shares for each HBOS share constituted a gross over-valuation of HBOS’s share capital and resulted in the share capital of the Lloyds shareholders being excessively diluted. Furthermore, it was a breach of the directors’ duties to the Lloyds shareholders for the directors of Lloyds to recommend the acquisition at the EGM on what they knew to be incomplete and misleading information, statements and advice.
Follow the case on Twitter at: https://twitter.com/QC_LloydsTrial
For more information:
Questor Consulting
Desiree Maghoo
+44 (0)7775 522 740
dmaghoo@questorconsulting.com
Lloyds/ HBOS Shareholder Group Litigation
London 16 October 2017: The trial of the Lloyds/HBOS Group Litigation has been listed for 14 weeks of Court time. Opening submissions are expected to be given starting Wednesday 18 October 2017.The hearing will take place at the Royal Courts of Justice in the Rolls Building, London, Courtroom 15. It will be heard by The Hon Mr Justice Norris, who replaces Mr Justice Nugee.
The public including the media are permitted to attend the trial.
The Lloyds/HBOS Shareholder Action comprises approximately 6,000 claimants all of whom were shareholders in Lloyds TSB at the relevant time. Approximately 300 of the claimants are corporate entities, including pension funds and other large investment funds domiciled primarily in the UK, Europe, the USA, Canada and Asia. The rest of the claimant group is comprised of private shareholders. It is one of the largest claims brought against a UK bank and its directors arising from the financial crisis. The Claim is being brought against five former directors of Lloyds and Lloyds itself.
The defendants are Lloyds Banking Group plc and various of its former directors, each of whom will be cross examined during the trial:
(1) Sir Maurice Victor Blank
(2) John Eric Daniels
(3) Timothy Tookey
(4) Helen Weir
(5) George Truett Tate
A spokesperson from the committee of the Lloyds Shareholder Action Group said:
“We will finally have our day in court after nearly ten years and expose the injustice done to Lloyds TSB shareholders who were duped into rescuing a defunct HBOS.
“The trial will show how much the director defendants knew about how bad HBOS was, that they concealed crucial information about HBOS’s financial position, and that they should not have recommended the deal on the basis that they did, nor should they have allowed the deal to go ahead on those terms.
“The fact that Lloyds Banking Group under the leadership of its current Chief Executive Officer, Antonio Horta Osorio, is continuing to stand by and defend the actions of the director defendants is staggering, especially given the reputational damage done to the bank as a result of his slow response to providing redress to the victims of the HBOS Reading scandal.
“As well as hearing directly from the director defendants, we will also finally get to the bottom of the role played by the government, the Bank of England, the UK Listing Authority and the FSA in pushing the deal through and relaxing competition rules, without which this deal could not have happened.”
In July of this year, the High Court ordered the UK Department for Business, Enterprise and Industrial Strategy to disclose all documents which were submitted to the Competition Appeal Tribunal (CAT) in 2008. The ‘secret dossier’ contains documents and submissions from the various government authorities, as well as Lloyds and HBOS, which were relied upon at a private hearing held in December 2008 to decide whether the acquisition should be referred to the Competition Commission. A decision on whether these documents must remain confidential during the course of this trial and beyond shall be made by the judge at the start of this trial.
The Claimants are being represented by Harcus Sinclair UK Ltd, a leading law firm which is focused on bringing group action cases on behalf of large numbers of individuals and corporate clients who share the same essential complaint. The claimants’ Counsel team includes Richard Hill QC of 4 Stone Buildings, Sebastian Isaac of One Essex Chambers, Jack Rivett of Erskine Chambers and Lara Hassell-Hart of 4 Stone Buildings.
About the case
The claim against Lloyds and its former directors is founded on alleged breaches of the duties that were owed by the directors of Lloyds to the bank’s shareholders in recommending the acquisition of HBOS in 2008/2009 and providing information to shareholders regarding the proposed acquisition and the financial circumstances of HBOS. The directors did not disclose to the Lloyds TSB shareholders that Lloyds had secretly made a £10 billion loan facility available to HBOS and that HBOS had been receiving covert funding of up to £25.65 billion from The Bank of England and $18 billion from the Federal Reserve. In particular, the claim asserts that the acquisition of HBOS was a very bad deal for the shareholders of Lloyds because exchanging 0.605 Lloyds shares for each HBOS share constituted a gross over-valuation of HBOS’s share capital and resulted in the share capital of the Lloyds shareholders being excessively diluted. Furthermore, it was a breach of the directors’ duties to the Lloyds shareholders for the directors of Lloyds to recommend the acquisition at the EGM on what they knew to be incomplete and misleading information, statements and advice.
Follow the case on Twitter at: https://twitter.com/QC_LloydsTrial
For more information:
Questor Consulting
Desiree Maghoo
+44 (0)7775 522 740
dmaghoo@questorconsulting.com
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Robert Jenkins speech at the Financial Stability Conference in Berlin 3rd November 2016 |
Open Letter to the Royal Bank of Scotland, The FCA, and HM Treasury By Simon Bishop From Bolt Burdon |
FCA - Our Future Mission
EU Guidance Re Victims Rights Directive Effective
Letter To Nicola Sturgeon 1st March 2016
Holmcroft final Judgement
SME Alliance Letter To Andrew Tyrie & The TSC Re: FCA
We sent this letter to Andrew Tyrie and the TSC Committee Members via e-mail at 9.00am on Monday 18th January. Unfortunately the volume of correspondence to the TSC means it has only just been logged in and the TSC members will probably not have received it yet. We did want the TSC to read this prior to making it public but, given the time scales it seems this is not possible and we wanted our members to see this when considering any comments from FCA executives at today.s TSC session. We hope members will download this and share it with their MPs prior to the Debate tabled by Guto Bebb MP and John Mann MP on 1st February 2016.
Transcripts of September 16th coverage of two significant Lloyds cases in Westminster Hall
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Nigel Henderson's Symposium Speech
Nikki Turner's Symposium Speech.
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Clive May's Symposium Speech
Paul Turner's Symposium
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