Pensioner faces '£500k bill' to challenge bank

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A 73-year-old pensioner challenging the Bank of Ireland (BOI) over attempts to raid his savings could face a £500,000 bill if he pursues the case in the High Court.

Glasgow resident Albert Kempster is being used as a test case for more than 2,000 people, mostly retirees, who face losing nearly the entire value of bonds issued by the old Bristol & West Building Society, reports The Independent on Sunday. These permanent interest-bearing shares (Pibs), which pay out 13.375% every year, are generally used by people with small savings to top up their pension pots. However, the BOI, which bought Bristol & West in 1997, will not waive its right to pursue legal costs should Mr Kempster lose his case. The BOI is represented by international legal gian...

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