HBOS Reading fraud
Seeking compensation for businesses who were the victims
CYK is a leading specialist litigation law firm with a proven track record in successfully bringing fraud claims against major banks and is well placed to advise and to assist those businesses who were victims of the HBOS Reading fraud in seeking appropriate redress.
In February 2017, six people, including two HBOS employees, were jailed after being convicted for their roles in the HBOS Reading Fraud Scandal involving £245 million worth of fraudulent loans.
Lynden Scourfield was in charge of HBOS’s Impaired Assets Division in Reading. David Mills of Quayside Corporate Services, a firm of turnaround consultants, bribed Mr Scourfield to make it a condition of lending that customers had to use Quayside’s services, which in turn enabled Mr Mills to charge and profit from exorbitantly high consultant fees. The fraud resulted in numerous bankruptcies/insolvencies and in certain cases, Quayside gained control of the businesses it was purportedly trying to help. Lloyds Banking Group (successor to HBOS) has set aside funds to compensate businesses who have suffered economic losses, distress and inconvenience as a consequence of the fraud.
Some of the businesses affected and who have advanced claims, are finding that Lloyds is failing to offer them levels of compensation that are fair and adequate. We can help businesses in seeking to achieve fair and reasonable compensation from Lloyds. Where negotiation proves to be insufficient to obtain a just result, we can act for businesses in litigating their claims and seeking damages in Court.
CYK has is well known for bringing substantial claims against major banks, including fraud claims. These claims have resulted in successful settlements as well as Court judgments finding that a bank has behaved fraudulently. For more details, see our Financial and Banking Litigation page. We have experience acting against Lloyds and HBOS. We are also a leading firm in London in respect of commercial fraud claims.