Lloyds Banking Group is facing £1.2billion lawsuits over alleged failings in relation to loans to collapsed firm Arena Television.
The Times reports two claims have been brought by insolvency practitioners working on the collapse of Arena Television. One is worth up to £1.1billion and the other £280million.
Arena Television collapsed in 2021, with claims suggesting it had been borrowing against equipment that either did not exist or had already been pledged to other lenders.
Liquidators claim Arena's owner “misappropriated proceeds of asset-backed lending in excess of £1.2billion with over 55 different lenders”, including Bank of Scotland and Lloyds.
Lloyds has denied claims that it had enough information to know it should not have processed payments related to the alleged fraud.
Read the full story in The Times.
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