TV STAR Noel Edmonds offered to accept £10m in compensation from Lloyds Banking Group in relation to the HBOS scandal, a fraction of the £300m he was originally seeking.
But the bank rejected this sum during mediation and countered with a smaller offer, causing Edmonds to walk out of talks, Sky News first reported. The Deal or No Deal presenter alleges that HBOS, the bank which was taken over by Lloyds during the financial crisis, was responsible for the collapse of his media company Unique Group in 2007.
Edmonds and his lawyers will begin legal proceedings against the bank early in 2018.
Six people have been jailed in relation to the fraud, which involved piling clients with debt then assetstripping them as they crumbled under the weight. Edmonds was initially seeking £300m from the bank. When the case was referred for mediation, forensic accountants assessed the damage to be nearer £70m, but the presenter said he would accept as little as £10m to make the claim go away.
(c) 2017 City A.M., source Newspaper