A campaign group representing 2m Lloyds Banking Group shareholders is preparing to take the Bank of England governor Mervyn King and Chancellor Alistair Darling to court over the secret £61bn bailout of HBOS and RBS.

Lloyds Action Now (LAN), which has appointed the TV presenter Alice Beer as a spokesperson, says they acted 'beyond their powers' in keeping the funding secret at a time when Lloyds shareholders were asked to vote in favour of the take over of HBOS.

News of the secret bailout came on Tuesday as policymakers finally owned up to the huge loans at a parliamentary hearing, having kept the move secret for fear of sparking further panic in equity markets.

LAN said it is to make an application for Judicial Review to the High Court.

'Had the true state of HBOS been known to Lloyds shareholders there is no way they would have voted for the takeover,' said Alice Beer, the former BBC Watchdog presenter who is campaigning on behalf of shareholders.

'Information that the law clearly says they should have was deliberately withheld from them to ensure the merger went through,' she added.

Shares in Lloyds fell sharply soon after the HBOS acquisition, when the problems at the Scottish bank became apparent.

I'm not sure what your position is on this but I happen to think it's a disgrace that £61B can be moved around silently when it's almost impossible for the government to spend a few million on something without there being an outcry. I'd be interested to know what is the worst that could happen to Darling and King.... locked in the Tower.... or a slapped wrist?

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I suspect the very worst would be a slapped wrist, but whatever happens to these two men it probably wont affect them too much as they will have already made their millions anyway.

What a joke, just this week Mr Brown has said that he is giving 1 million to the people and businesses of Cockermouth to help them get over the recent flood damage...how kind of him to be so generous!

Someone that I know attended the inquest of her son this week who died out in Afghanistan, how she must have felt hearing that her son hadn't been issued with the correct body armour I cannot imagine.

Yes a total disgrace.

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