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HBOS pension trustees may launch legal challenge

The trustees of HBOS’ pension scheme may call on a judge to postpone the Lloyds acquisition until the group agrees to back the fund which is believed to have a shortfall of up to £5bn, reports claim.

The trustees are due to meet on Friday to vote on whether to challenge the legal proceedings on January 12 which are likely to approve the merger, the Financial Times reports.

If they pursue a legal challenge the trustees will argue that the pension fund is HBOS’ largest creditor and that it is crucial to ensure protection for the 80,000 plus members as the scheme may be weakened by the merger.


FTSE 100 extends post-Xmas rally

The FTSE 100 held on to gains from its last session opening over 20 points higher today at 4,339.95 with continued strength from oil and mining stocks.


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