Probe Into Hbos Gbp4bn Share Sale Fsa Investigate Disclosures Just Four Months Before Collapse

Summary

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THE City watchdog is investigating whether investors were misled by ailing bank HBOS when it raised GBP4bn from shareholders before it collapsed last year.

It was later taken over by Lloyds TSB and the Financial Services Authority investigation could open the floodgates to hundreds of civil court actions against the Lloyds Banking Group, which was formed by the merging of the two giant banking firms.

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Extract

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Probe Into Hbos Gbp4bn Share Sale Fsa Investigate Disclosures Just Four Months Before Collapse

The investigation centres on the rights issue launched by Edinburgh-based HBOS in April 2008, less than four months before the Lloyds takeove...

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