Co-op 'cannot claw back payouts'

The Co-operative Group is unlikely to be able to claw back money from former bosses despite uncovering a £1.5 billion hole in its bank's balance sheet, according to a report.

The Sunday Telegraph said owing to the mutual's complex structure, the Co-op is not expected to be able to recoup payouts to former chief executive Peter Marks or former bank head Neville Richardson. That is despite recently unveiling a rescue plan for the Co-operative Bank which will force bondholders to take a haircut on their investment.
%VIRTUAL-SkimlinksPromo%