Lloyds Banking Group is to pay almost £3m to its former chief executive and another director after it lost a legal battle to withhold payments relating to the purchase of HBOS.
According to a judge’s ruling yesterday, Lloyds had wrongly refused to hand over share awards to Eric Daniels, chief executive from 2003 to 2011 and Truett Tate, a former head of wholesale banking.
The bank has been ordered to give Daniels just over two million shares, plus lost dividends and legal costs, with a total value of about £1.5m. Tate is set to receive 1.4 million shares in a package worth just over £1m.
Lloyds had wanted to withhold the payments due to the state of the bank at the time.
Lloyds bought HBOS in 2008 but went on to make a £3bn loss in 2010 and a £342m loss in 2011.
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