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GEORGE BERKELEY WINS LLOYDS LITIGATION ACCOUNT
Financial and Professional Services agency George Berkeley has been appointed by the committee of the Lloyds Action Now to co-ordinate PR in its campaign on behalf of Lloyds TSB shareholders.www.lloydsactionnow.com.
The role will combine raising awareness of the campaign’s objectives among investors, who have lost up to 85 per cent of the value of their portfolio since its ill-fated merger with HBOS, with litigation PR support in the event of legal action.
Lloyds Action Now believes Lloyds directors were negligent in the way in which they proceeded with the takeover and that insufficient due diligence was conducted on HBOS’s accounts. Nearly Ł20 billion of “toxic debt” was discovered on its books after the takeover, destroying Lloyds’ share price and leading to the effective nationalisation of the bank.
Leading law firm Winckworth Sherwood has been appointed as Lloyds Action Now lawyers and the campaign is launching a recruitment drive this autumn for shareholders to join a potential group litigation case against the bank’s directors and their advisors.
George Berkeley MD Adrian Lithgow said: “There are some 800,000 small shareholders in Lloyds TSB who have had their investment destroyed as a result of this merger. The campaign is concerned to find out exactly what happened and who was responsible for this debacle. If they are found to be liable in law then a case against them will be proceeded with.”
“We are very pleased to have won this high profile account which will draw on our strengths in the fields of Investor Relations PR, Litigation support and Public Affairs.”
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© George Berkeley 2011