BCCI LIQUIDATORS' £850m lawsuit against the Bank of England dramatically collapsed yesterday at the High Court in London bringing a 12-year legal battle to an end, according to this morning's papers.
The Bank immediately said it would seek indemnity costs of £70m from the collapsed company's creditors, who have themselves run up legal costs of £38m, reports the Daily Telegraph. It makes the action, the first time the 331-year-old Bank has been sued, one of the most expensive in British legal history. Gordon Pollock, QC for liquidators Deloitte & Touche, told the court yesterday that after seeking direction from the Chancellor of the High Court it was "no longer in the best interests of the creditors for the litigation to continue". It is thought the hearing was held at the request ...
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