Legal Challenge to HBOS deal rejected

Dated:   

A legal challenge against the planned mergers of HBOS and Lloyds TSB has been rejected by the Competition Appeal Tribunal.

A group of businessmen, bank customers and shareholders known as the "Merger Action Group (MAG)" had made a legal challenge against the takeover of Halifax Bank of Scotland (HBOS) and Lloyds TSB.

The tribunal was asked to decide whether the Government had been right to bypass competition concerns in allowing HBOS to be rescued.

The Competition Appeal Tribunal issued its verdict after a 2 day hearing in London under Scottish Law and rejected MAG's claims.

MAG will now decide whether to appeal to the Court of Session in Edinburgh.


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