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Lloyds shareholders in protest meeting over HBOS takeover

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by Kay Mitchell

The group, Lloyds Action Now, has been holding protest meetings after the group claims their savings were wiped out following the Lloyds Banking Group’s merger with HBOS.

Lloyds TSB’s controversial takeover of HBOS took place at the height of the financial crisis and the group was renamed Lloyds Banking Group.

The shareholder group, which was established last year, claim investors were lured into voting for the takeover, while not being provided with all the relevant information – particularly in respect to HBOS’ finances.

The angry group of shareholders claim they were misled into voting for the takeover without being informed that loans to HBOS from the Bank of England totalled approximately £25.4 billion.

The group is suing Lloyds directors and the Government. However, the bank claims it provided shareholders “thorough and appropriate information”.

The protest meeting took place in the Ambassadors Hotel in Bloomsbury, London and was attended by about 250 people.

It followed Friday’s protest meeting in Birmingham city centre and last Wednesday’s meeting at the Ramada Jarvis Leeds Parkway.

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News posted: October 24, 2010

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