Co-op Bank to hire new GC as the Co-op Group splits legal function

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  • Looks like the lawyers are cleaning out the coop's last available cash. Apparently under their counsel the coop issued bonds at 13% annual interest and paid this grotesque interest for more than 20 years repaying capital twice over to the insiders who got hold of these bonds. Under their counsel the coop swindled bondholders and bond buyers about buying 600 Lloyds branches inducing many to buy bonds of what was to become a real player. Under their counsel the bank misled bondholders about its so-called ethical banking when the reality is that the bank was simply a piggy bank for insiders until it went bust. Under their counsel the 5.55% bondholders are supposed to lose more than half of the value of their bonds and get 11% interest promised. How can a bankrupt bank pay such an absurd high level of interest? The law firms should be hold accountable and liable.

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