27/03/2018

Paul Lowenstein QC and Alistair Wooder of Twenty Essex Street win for Eric Daniels, former CEO of Lloyds Banking Group

Cockerill J sitting in the Commercial Court in London today granted summary judgment allowing in its entirety a claim brought by Eric Daniels against Lloyds Banking Group, which he formerly led as CEO, in relation to its refusal to transfer to him over 2 million shares to which he was entitled under his contractual Long-Term Incentive Plan.

Cockerill J’s judgment is an emphatic vindication of Mr Daniels’ position that will have general relevance beyond the facts of this particular case to the construction of contractual share schemes awarded to employee participants, unilateral powers of variation and settlement agreements.