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Will he take the banker’s offer? Noel Edmonds seeks £73m compensation over Lloyds fraud

By NewsRoom24 on May 12th, 2017 / Views

TV host Noel Edmonds recently revealed that he is launching a claim for £73 million for what he claims was the destruction of his business empire together with public humiliation and damage to his reputation caused by the fraudulent activities of the bank’s HBOS Reading department.

Earlier this year, a number of HBOS employees were jailed as part of a £245m loans scam that destroyed a host of businesses.

Following the events, Mr Edmonds now claims his former business Unique Group – a production company with interests in radio broadcasting – was one of those businesses who were directly affected as a result of the actions of Mark Dobson, one of the HBOS staff, who was jailed for four-and-a-half years.

The banking group, Lloyds, has already set aside a £100m compensation pot to compensate 64 victims of the HBOS Reading fraud, although this sum may need to be increased if Edmonds is successful in his claim against the bank for fraudulent activities that took place between 2003 and 2007.

“We expect half of the £100m to go to my client, and we expect Lloyds will have to increase their provision substantially,” said Mr Edmonds’ solicitor, Jonathan Coad, from Keystone Law.

He is also claiming £12m for loss of speaking fees, £100,000 for “pain, suffering and damage” to his reputation and £750,000 in legal fees.

A letter written to Lloyds boss Antonio Horta-Osorio by Mr Edmonds’ lawyers read: “These individuals were fraudsters whose corrupt activities also resulted in losses to my client of tens of millions of pounds, along with his suffering deep distress and public humiliation.

“My client’s reputation as a successful business entrepreneur was destroyed by humiliating media coverage of the collapse of his business empire.”

Mr Edmonds said in a statement: “I am now trusting that Mr Horta-Osorio is true to his word and ensures that I am ‘fairly, swiftly and appropriately’ compensated for both the destruction of my businesses and the significant damage to my reputation.

“If he is not, then I will pursue my claim against Lloyds via the courts.”

Image: Matthew Anderson under Creative Commons.

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