Cable writes to HBOS about Farepak collapse
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Business Secretary, Vince Cable, yesterday wrote to HBOS about the state-backed bank's role in the demise of Christmas hampers business Farepak.
In the firm's dying days, HBOS forced directors to take £10m from customers, despite knowing that the company was heading for insolvency.
Last month, a High Court judge partly blamed HBOS's "hardball" attitude for Farepak's collapse and asked it to return up to £10m more to victims. Mr Cable said: "I have written to HBOS to seek their views on the statement of the judge."
HBOS is part of the Lloyds Banking Group, which remains 41 per cent owned by taxpayers following the banking crisis and bailout of 2008-9.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments