It’s hard to judge with any great precision the strength of the case that Deloitte liquidators brought against the Bank of England in the BCCI case. But the discussion of how the firm behaved has entered new and hysterical territory.
The charge of misfeasance was always difficult to prove, but it would seem
somewhat unfair were liquidators not even allowed to bring such actions.
The judge condemned the liquidators’ PR campaign.
It wasn’t, in point of fact, the most unpleasant media coverage ever seen.
Equally, who exactly could be compromised by the media coverage? Only the judge.
There has been some suggestion that the whole process was designed merely to
scare the Bank into a settlement.
The Bank is big enough and old enough to ignore that trick. It’s time we
started commending the courts for discovering such weak arguments, not moaning
about the behaviour of the parties involved.
Alex Hawkes is a senior reporter
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