Law360, London (December 20, 2019, 5:07 PM GMT) -- Lloyds Banking Group said on Friday it will pay £35,000 ($45,600) to each of almost 200 customers affected by a fraud committed through a branch of its subsidiary HBOS, after an official review criticized the way it had previously paid compensation to victims.
The payments to the 191 customers, totaling £6.7 million, are “ex-gratia” the bank said, meaning they are done out of a moral obligation rather than a legal requirement. The lender said it was "very sorry" after hearing of concerns from the customers.
An independent review into Lloyds' arrangements published on Dec. 10 found “serious shortcomings” in the way...
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