Former Lloyds bosses sue for unpaid bonuses

Lloyds-Banking-Group-Building-2013-700.jpgFormer Lloyds Banking Group chief executive Eric Daniels is taking the bank to court over failure to pay bonuses amounting to hundreds of thousands of pounds.

Daniels is joined by former head of wholesale banking Truett Tate in High Court legal claims filed this month, according to the Times, which understands that the suit relates to a 2012 decision to withhold part of their bonuses.

Daniels’ and Tate’s claims are likely to be in the region of half a million pounds, the paper says.

A Lloyds spokesman says: “As this matter is a live legal issue, it would be inappropriate to comment.”

Lloyds received an emergency bailout from the Government in 2008. Daniels ran Lloyds from 2003 to 2010, through its merger with HBOS and the financial crisis, with the Government finally selling down its stake earlier this year.

Senior staff including both Daniels and Tate have already had remuneration reclaimed from them in light of redress for payment protection insurance and other issues.

Daniels now works for peer-to-peer lender Funding Circle.