Lloyds to Set Aside 180 Million Pounds To Settle U.S. Justice Department Payments Probe

By Brian Monroe

Lloyds TSB will set aside 180 million pounds ($354 million) to settle an investigation by the U.S. Justice Department over U.S. dollar payments the bank made to countries sanctioned by the United States. The bank, which is based in London, expects to reach a "resolution" with the U.S. Justice Department, U.S. Treasury Department's Office of Foreign Assets Control and New York District Attorneys office in the "first half of 2008," according to a Reuters report on a regulatory filing by Lloyd's. Lloyds said it did not expect any settlement to have a material adverse effect on its financial performance. In...