(Bloomberg) -- Lloyds Banking Group Plc will offer a proposed £3 million ($3.65 million) in compensation to each victim of one of Britain’s largest banking scandals, according to a person familiar with the matter.
The lump sum offer would be compensation in exchange for settling claims and would cost Lloyds around £600 million, the person said, who asked not to be identified discussing confidential matters. Lloyds set aside almost £800 million in remediation costs last year, chiefly to cover the cost of the long-running scandal.
“We remain extremely sorry to all the customers who were impacted by the crimes committed at HBOS Reading and our intention has always been, and remains, to provide fair and generous compensation to those impacted by the fraud,” Lloyds said in an emailed statement. “We are committed to continue co-operating fully with the panel as the re-review progresses.”
The Foskett Panel, an independent body which is assessing losses suffered by the victims, said in a statement that it “will issue its announcement to customers of the package of measures agreed in the next few days.”
The news was reported earlier by Sky News.
©2022 Bloomberg L.P.
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