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No deal for HBOS over loss of business reputation?

Stuart Benzie considers whether a claim for loss of reputation can result in a payment of damages before the court

31 May 2017

As Benjamin Franklin said, ‘It takes many good deeds to build a good reputation, and only one bad one to lose it.’ This seems particularly relevant in light of Noel Edmonds’ demands for compensation from Lloyds Banking Group following the HBOS fraud scandal.

Edmonds is not only a well-known television presenter, but he is also a successful businessman. However, his media business, Unique Group, became one of a number of victims of a fraud perpetrated by employees of the HBOS Reading branch and a corporate turnaround company called Quayside Corporate Services between 2002 and 2007.

Lloyds Banking Group (the owner of HBOS) has now assured the 64 victims that they will be compensated by the end of June and has set aside £100m for that purpose. So far, so good – or maybe not. Edmonds alone values his claim for significant economic losses and damage ...

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