The Bank of England today launched its bid to recuperate more than 70m of legal fees from its 12-year dispute with Deloitte, the liquidator of the fraud-ridden Bank of Credit and Commerce International.
In 1993 Deloitte sued the BoE for failing to supervise BCCI sufficiently, after it collapsed two years earlier with debts of 9m. The high court trial began in January 2004, but Deloitte dropped its claim last week.
So far, both sides have amounted 110m of lawyers fees, and now the BoE hopes to convince the High Court to force Deloitte to foot its legal bill from the past two year, a total of 70m.
However, its been reported that the costs hearing will last beyond Christmas and could rack up an additional 1m plus in legal bills.