loss for liquidators

The House of Lords last week dismissed an appeal by the liquidators of failed bank BCCI against a Court of Appeal decision that claims release...The House of Lords last week dismissed an appeal by the liquidators of failed bank BCCI against a Court of Appeal decision that claims release forms signed by employees in 1990 were invalid as the fraud of the bank was unknown to the employees at the time.

This is the second success for the employees against the liquidators with costs awarded against the liquidators both times and the only significant issue to have been disposed of during the four years of litigation so far.

The employees solicitors, London firm Beale & Co, said: We do not believe that fighting each of the 400-plus cases in this litigation to the bitter end is in the interests of either the employees or the creditors of BCCI.

With the help of the BCCI campaign committee we will continue to try and persuade the liquidators to resolve these claims but if we cannot do so we will fight on.