Claim against bailed-out lender risks sparking anger The former chief executive of Lloyds Banking Group and one of his top lieutenants are suing the bailed-out lender for hundreds of thousands of pounds in unpaid bonuses in a move that risks sparking public outrage. Eric Daniels and Truett Tate, former head of the wholesale banking division, this month filed legal claims with the High Court against the bank. The action could prove controversial, particularly for Mr Daniels, who played a central role in events leading up to the lender’s emergency rescue in 2008, as well as in the mis-selling of payment protection insurance that has so far cost the bank £18 billion. Mr Daniels and Mr Tate, who along with other former top Lloyds managers have already had millions of pounds clawed back… Want to read more? Subscribe now and get unlimited digital access on web and our smartphone and tablet apps, free for your first month.
The former CEO of Lloyds Banking Group and the former head of the wholesale banking division are suing the bank for unpaid bonuses. Eric Daniels and Truett Tate have filed claims with the High Court disputing the bank’s decision not to award them part of a bonus due in 2012. The two men are believed to be seeking sums in the region of £500,000 each. Daniels reportedly played a leading role in both the mis-selling of payment protection insurance (PPI) scandal, which has so far cost Lloyds £18bn ($23bn), and the events prior to the bank’s emergency rescue in 2008.