COMPANIES Lloyds TSB’s high profile rescue of HBOS faces a potential delay after the trustees of HBOS’s pension scheme decided to press ahead with a legal challenge to the deal.
HBOS pension fund trustees will ask the Court of Session in Edinburgh not to approve the Scheme of Arrangement needed to complete the transaction until “appropriate arrangements” are made to ensure the security of the final salary pension Scheme of HBOS, which has an estimated shortfall of £3bn-£5bn.
