Disgraced former Lloyds boss Eric Daniels claims he is owed 2m shares
The disgraced former boss of Lloyds is clashing with his old bank in court this week as he demands it pays him a £1.3million bonus.
Eric Daniels claims he is owed 2m shares in Lloyds – worth around £1.3million – which he was promised for meeting targets related to its infamous rescue of rival HBOS.
The disastrous deal is blamed for almost destroying the merged bank and forcing the taxpayer to rescue them with a £20.5billion bailout that was only paid off last year – almost a decade later.
Former chief executive Daniels, 66, claims that he is entitled to the cash because he hit agreed milestones.
But the lender says it used its discretion to prevent him getting the money because of the subsequent meltdown.
The executive – who now works at small investment bank Stormharbour – has asked the High Court if it will pass a quick summary judgment that will prevent a drawn-out battle between the two sides.
A decision is due today.