Letter to professor charged with reviewing level of compensation says victims of fraud are being shortchangedLawyers representing Noel Edmonds have hit out at Lloyds Banking Group’s proposed compensation scheme for victims of a fraud at the bank’s HBOS Reading arm. The letter, seen by the Guardian, claims that fraud victims are being shortchanged because the bank is determining the payouts with no independent scrutiny, and that Griggs lacks the financial expertise to ensure they are fair. He added that the questionnaire provided to claimants, upon which Lloyds will determine payout levels, required significant financial expertise, and that it was “plainly essential” that the bank make an independent expert available to all claimants. The fraud took place in the run-up to Lloyds’ rescue of HBOS during the 2008 banking crisis. Coad said Edmonds had litigation funding in place so if the bank’s compensation scheme was not revised to make it fair for victims he would take his case to court.

Source: The Guardian June 05, 2017 04:52 UTC