LONDON, March 20 Lloyds Banking Group
on Monday said it appointed a businessman to review the cases of
British companies which lost out in a 245 million pound ($304
million) fraud for which six people were jailed earlier this
Professor Russel Griggs will decide the outcome of customer
cases and agree the scope and methodology of the review after
considering relevant evidence and new details that emerged
during the trial.
Lloyds has been under pressure to compensate victims of the
fraud, who allege it reacted too slowly to their complaints.
The fraud involved two former bankers at HBOS, once
Britain's biggest mortgage lender, which was rescued in a
state-engineered takeover by Lloyds in 2008. They helped siphon
off money from struggling businesses which were HBOS clients.
"Griggs was selected for his experience in overseeing high
profile reviews of a complex nature...as well as his
track-record in ensuring the principles of fairness are
followed," the bank said in a statement.
Griggs previously led a review of protocol of branch
closures for the British Bankers' Association aimed at
minimising the impact of closures.
The protocol was criticised by some politicians for failing
to do enough to prevent lenders cutting their branch networks
too fast, particularly in places where people are less able to
fall back on digital banking services.
($1 = 0.8053 pounds)
(Reporting By Andrew MacAskill, Editing by Lawrence White)