Shares of Lloyds Banking Group fell 11.5%, or 8.60 pence (12 cents), to 66.40 pence (94 cents), on Friday, according to Forbes.com. The bank and British government not yet agreeing on a deal for legal assurance may have caused the fall. Lloyds’ stock had soared more than 20% on Thursday, which some attribute to the hope that Lloyds would obtain government assistance, such as Royal Bank of Scotland did with its agreement to get state-backed insurance on its toxic assets.
The bank's executives were locked in talks this weekend with UK Financial Investments (UKFI), the body that oversees the government’s bank stakes and owns 43% of Lloyds, to secure taxpayer backing for more than £250bn of assets as part of a Treasury-backed insurance scheme, according to www.guardian.co.uk.
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