Investors in bonds issued by Lloyds Bank are to have have their appeal heard by the highest court in the land in a fight against the lender's attempts to repurchase their assets at cut price.
The Supreme Court announced the decision yesterday, the Telegraph reported. The repurchase at "par" or face value was due to take place today. Lloyds may now cancel or delay the buy-back in light of the court's decision. A spokesman for the bank told the Telegraph it was "currently reviewing the Supreme Court's decision and will provide an update to the market when appropriate". The bonds at the centre of the row yield as much as 16%. With interest rates at record lows, this put their value well above par before Lloyds announced the buy-back. Investors will be unable to find sim...
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