Bank of England may face massive legal claim

UK - The Bank of England has admitted it faces claims of up to £872m from depositors of the Bank of Credit and Commerce International if it loses a landmark legal battle due to start next year.

The potential cost, disclosed in the Bank's annual report, is accompanied by an escalating legal bill as it prepares its defence against the legal action brought by BCCI's liquidators.

BCCI collapsed in 1991 owing $10bn in the world's largest banking fraud.

The Bank said the liquidators' best estimate of

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.