3 November – LAWFUEL – The Law News Network – The case brought by th…

3 November – LAWFUEL – The Law News Network – The case brought by the liquidators of the Bank of Credit and Commerce International (BCCI) against the Bank of England and 22 of its present and former staff collapsed this morning when all the allegations were unconditionally withdrawn.

Freshfields Bruckhaus Deringer has been advising the Bank of England on the action since the first writ was issued in May 1993.

The Judge, Mr Justice Tomlinson, said this morning, ‘…my careful study of the documents and my consideration of them, and of all the inherent probabilities, and my consideration of Mr Quinn’s evidence and of your [Mr Cooke’s] evidence, have left me in no doubt that the very serious allegations of impropriety and dishonesty against you were wholly without foundation.’ The Judge later said these remarks applied to every officer of the Bank of England and to the Bank itself.

Mervyn King, Governor of the Bank of England, said: ‘I am delighted that the allegations of dishonesty against 22 staff of the Bank of England have been unconditionally withdrawn. There has never been a shred of evidence to support these disgraceful allegations, and the case has collapsed as we always expected it would’.

The Bank of England will be seeking the largest possible compensation for its costs, and will be applying for costs on an indemnity basis.

There will be a hearing at 10.30am on Friday 11 November 2005 before Mr Justice Tomlinson in the High Court to fix a timetable leading up to a hearing on such applications as the Bank of England might wish to make.

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