Earlier this year it was reported that Lloyds Banking Group will be taking a £100m hit in paying out compensation to victims of the HBOS Reading bribery scandal.
The scandal saw six people, including two former HBOS employees, jailed for a combined 47 years. Lloyds has already written off roughly £250m of fraudulent loans made within the scandal.
The scam was carried out at HBOS’s Reading division which dealt with small businesses that had run into trouble. The perpetrators bribed with sex parties, luxury holidays, expensive watches and cash, referring companies that were HBOS clients to a consultancy firm known as Quayside Corporate Services. The troubled businesses were then asset-stripped by the consultancy firm.
Antonio Horta-Osorio, Lloyds chief executive, told The Telegraph: “We are absolutely determined that victims of the crimes committed at HBOS Reading are fairly, swiftly and appropriately compensated.
“We take responsibility for putting right the wrongs that were committed at HBOS Reading at the time.”
What happened to these troubled businesses is a complete scandal, leaving many in dangerous financial difficulty and ruin. The actions of the scammers caused hundreds of millions of pounds worth of losses to customers and shareholders alike.
For those affected by the financial negligence committed in this case, you may be wondering if you have grounds to claim.
You should get in touch with a professional negligence solicitor you can trust. At the Specter Partnership, we have decades of experience in helping professionals and business owners win compensation for professional negligence.
If you would like support and free, initial legal advice regarding lodging a claim for compensation against those responsible, speak to us today by calling the number above, or emailing us on firstname.lastname@example.org.