It’s all about appearances to him. He’s getting off on calling the M7 defendants and uses that term and “criminally prosecuted” as a way to slander them and scare off critics at the same time. He’s deluded enough to think a conviction is likely, but failing that, I agree that having that case open for some time also works in his favour.
Honestly, I think it's worse than that. I truly believe (no evidence here) that Lloyd was told by his legal team that the only thing he could do was put something in the system and this would at least allow him to save some face. I think he fully understands it will go nowhere this is just all PR. He has to look like he is committed otherwise it all falls apart. Kind of the Costanza it's not a lie if you believe it, but of course, it's still a lie.