The bank denies allegations that it had enough information to know it should not have processed payments related to the alleged fraud. According to Sentinel’s administrators, from Quantuma, Sentinel “sold” non-existent equipment to lenders, which leased the fictitious equipment to Arena. Arena’s liquidators have alleged that Lloyds and its Bank of Scotland subsidiary processed payments “without authority”. Lloyds attempted to have the Arena claims dismissed, but in November 2025 Mr Justice Butcher refused the bank’s application for summary judgment. We believe the claims wrongly seek to hold Lloyds liable for the financial consequences of a complex alleged fraud perpetrated against more than 50 lenders, including Lloyds.”