BCCI claim is 'most expensive fishing expedition in history'
Bank of England governor lashes out over Deloitte's BCCI case
Mervyn King, the governor of the Bank of England, has claimed that the case
bought by liquidators from Deloitte over BCCI, demonstrated that the UK legal
system is unable to bring quick resolutions to commercial disputes.
Speaking at the annual Mansion House dinner he described Deloitte’s case
against the Bank for its regulation of BCCI as the ‘most expensive fishing
expedition in history’.
Deloitte acted as liquidators of BCCI and brought the case claiming the Bank
was guilty of misfeasance in public office for its failure to properly regulate
BCCI.
Deloitte eventually dropped the claim with the Bank being award £73m in
costs.