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Reuters

Victims of HBOS fraud offered 3 million pounds in compensation

LONDON (Reuters) -Victims of one of Britain’s biggest banking frauds will be offered 3 million pound ($3.66 million) compensation packages, a source familiar with the matter told Reuters on Monday. Halifax Bank of Scotland (HBOS) – which was later bought by Lloyds Banking Group – was involved in a major fraud in the early 2000s at its branch in Reading, west of London, in which the conspirators enriched themselves at the expense of struggling business clients. Around 200 people who ran companies hit by the fraud will be made the payment offer by a panel chaired by former High Court judge David Foskett, the source said, if they are assessed to have made financial losses as a result of the fraud.