16 January 2012
It is never easy getting money out of a bank, whether you are a borrower or a saver. Llyods TSB Foundation for Scotland is showing remarkable determination in its pursuit of what appears to be a fair deal in the wake of the banking crisis and the merger with Halifax/Bank of Scotland. SCVO reports a victory of sorts where Scottish courts have ruled in favour of the Foundation. Okay it has to be said it is likely to be the subject of an appeal..there is rarely a simple conclusion to these sorts of things.
According to an article in Third Force News, The Lloyds TSB Foundation for Scotland has won the right to claim £5.25m that Lloyds Banking Group refused to pay it in 2010 and 2011, instead attempting to palm off the foundation with just £38,920 a year.
The judgement, which was issued by three of Scotland’s most senior judges on 29 December, means that for the next seven years, the bank will have to pay out a proportion of its pre-tax profits to the foundation.
The ruling could mean millions of extra pounds for the foundation, set to be distributed through its grant-giving programmes to Scottish charities working with disadvantaged people.
Robin Hood, 1955, Dick James
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