Sharp and others v Blank and others

Practice – Pre-trial or post-judgment relief. The Chancery Division dismissed the defendant directors of Lloyds TSB plc's application for summary judgment on a claim brought by the claimant shareholders, alleging breach of fiduciary and tortious duties concerning Lloyds' acquisition of Halifax Bank of Scotland (HBOS) in 2009, by failing to disclose that HBOS had been manipulating its London Interbank Offered Rate (LIBOR). Where disclosure had not yet taken place, the court could not say with confidence at the present stage that the claimant's case would turn out at trial to be without substance.

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