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Legal moves over HBOS takeover called off

9 January 2009

The trustees of the HBOS pension scheme will not be taking forward their legal action relating to the takeover by Lloyds TSB.

The trustees had planned to seek a delay in court pending better protection for the future funding of the scheme, but said yesterday that after carefully considering "helpful" representations from Lloyds TSB they would not be proceeding with their request at the hearing, due in the Court of Session on Monday.

They said it was in the best interests of all concerned not to continue with their legal challenge. They still however plan to obtain an up-to-date valuation of the final salary scheme, which is expected to show a big deficit, with a view to securing a commitment from Lloyds to guarantee payments.

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