Ex-Lloyds pair sued over HBOS deal

Claim forms have been lodged in New York against Sir Victor Blank and Eric Daniels, along with the bank itself.

They are understood to accuse the bank of making misleading statements about the takeover, which took place a few days after Lehman Brothers collapsed in September 2008.

The deal led to Lloyds shares falling from 279.75p on the day the news leaked to 108p a year later. It also led to the departure of Sir Victor Blank, HBOS chairman Lord Stevenson and Andy Hornby, HBOS chief executive.

It is understood that the claim, led by Albert Ross of Louisiana who owned 1,400 Lloyds American Depositary Receipts, notes how Mr Daniels, who stepped down from his post last February, commented on the merged bank’s “robust capital position”.

But it also refers to Sir Mervyn King’s comment that without emergency liquidity assistance it received from the Bank of England, HBOS would not have survived.

The claim accuses the men and the bank of violating sections of the US Exchange Act to the detriment of shareholders.

A Lloyds spokeswoman declined to comment.