High court hears Lloyds shareholders’ £600m claim for compensation described as ‘legally unprecedented’ and ‘fundamentally flawed’
The acquisition of HBOS was “unique opportunity” for Lloyds Banking Group and regarded by its directors as in the shareholder’s best interests, the high court was told on Thursday.
Helen Davies, QC for Lloyds, opened the bank’s defence by telling the court that a £600m claim for compensation by disgruntled investors was based on “myths and misconceptions” and that the deal was undertaken after advice from a list of advisers which ran to 50 pages.
Related: Lloyds shareholders 'mugged' by 2008 HBOS takeover, high court told
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