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Lloyds must release details of HBOS takeover legal advice - judge

Reuters - UK Focus

LONDON, July 22 (Reuters) - Lloyds Banking Group must release details of legal advice it received in the run-up to its takeover of Halifax Bank of Scotland (HBOS) during the banking crisis in 2008, a judge in London's High Court of Justice ruled on Wednesday.

The ruling, handed down in a pre-case hearing, was cheered by investors who have joined forces to sue Britain's biggest retail bank and five of its former executives, alleging they were misled over the true financial position of HBOS at the time of the deal.

The Lloyds Shareholder Action Group alleges that the deal wiped billions of pounds off the total value of their Lloyds shares.

Lloyds, which subsequently had to be bailed out with 20.5 billion pounds ($32.02 billion) of taxpayer money, has denied the allegations and has been granted permission to appeal against the ruling. ($1 = 0.6402 pounds) (Reporting By Matt Scuffham, writing by Sinead Cruise, editing by Carolyn Cohn)