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BoE battles to recuperate 70m BCCI legal fees

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.


Don’t be tempted to misuse self-cert

While self-cert mortgages should have a place in the portfolios available to clients, they are fraught with danger and should be regarded as strictly niche, says Sue Read

Letter was like complaining about the shape of pyramids

From M R Hird The letter, ‘Paragon must change to become competive again’ (Mortgage Strategy, October 31) was like complaining about the shape of the pyramids. When it comes to standards there are many so, as brokers, we have plenty of choice. But while making that choice I would take into consideration, as it would […]

EConveyancer to be used to produce HIPs

The United Group is to use its eConveyancer system to to produce HIPs, following research into what brokers and estate agents want from an HIP provider. The online conveyancing system has a reputation for being easy to use and effective in helping brokers give service clients, and United believes this will help when launching its […]

FSA reports mixed results from self-cert survey

The Financial Services Authority has reported a mixed result following the completion of its research and mystery shopping work on self-cert mortgages.The FSA welcomed the improvements made by lenders in the way they operate their self-cert mortgage business since the FSA issued a good practice guide in February 2004.The review work found that in general […]


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