• City investors ready to join multi-billion pound lawsuit against Lloyds
• Lawsuit concerns emergency takeover of HBOS in 2008
• Former Prime Minister Gordon Brown could be called to give evidence

A flood of City institutions are poised to join a multi-billion pound lawsuit against Lloyds and its former directors over the emergency takeover of HBOS during the banking crisis in 2008. Investment industry sources said a rush to take part is underway because City firms believe they could be sued by their clients if they do not sign up to a claim that proves successful. The gathering momentum behind the lawsuit raises the prospect that key figures behind the HBOS deal, including former Prime Minister Gordon Brown, could be called to give evidence. Law firm Harcus Sinclair Ltd will argue that Lloyds and former directors, including chief executive Eric Daniels and chairman Sir Victor Blank, breached their ‘fiduciary duty’ to shareholders.The accusation hinges on the suggestion that shareholders were not fully informed of the rotten state of HBOS’ finances when the deal was put to them....Read more here