The Supreme Court is to hear an urgent appeal on behalf of thousands of Lloyds bank retail bondholders against its attempts to buy back their assets at a reduced price, in a scheme that was due to start today.
Britain’s highest court said in a statement last night: “The Supreme Court has granted an application by BNY Mellon Corporate Trustees for permission to appeal the Court of Appeal’s December 2015 decision in this matter.
“The case relates to whether subsidiaries of Lloyds are entitled to proceed with the early redemption of approximately £3.3 billion of enhanced capital notes, which were issued to investors pursuant to an exchange offer at the height of the banking sector’s difficulties in 2009.”
More than 100,000 small investors are believed