Lloyds Bank Agrees To Probe Into HBOS Redress Scandal

Law360, London (May 3, 2019, 4:43 PM BST) -- Lloyds Banking Group on Friday named a retired High Court judge to review the way it compensated victims of an estimated £245 million ($322 million) fraud at a branch of its HBOS subsidiary, following political pressure over its handling of the scandal.

Ross Cranston will lead a “thorough and robust” independent review, although he will not re-assess how the lender settled individual claims, Lloyds said in a statement.

Six people, including two former bankers, were sentenced in 2017 for their role in a loan scam at a branch of HBOS, in the southern English town of Reading, from 2003 to 2008....

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