Court castigates BCCI liquidators' claim against Bank of England
Journal of Financial Regulation and Compliance
ISSN: 1358-1988
Article publication date: 1 October 2006
Abstract
Purpose
The purpose of this paper is to describe how BCCI liquidators' claim against the Bank of England has been castigated.
Design/methodology/approach
The paper outlines the facts surrounding this decision and the action involved.
Findings
The UK's longest running and most expensive civil litigation has been labelled a farce by both the trial judge and the head of the judiciary.
Originality/value
The paper highlights how these proceedings raise fundamental questions about the rule of law and the appropriateness of the use of legal technique to achieve redress for such large‐scale and high profile losses out of the failure of financial firms and how they also contain cautionary lessons for the way in which regulators employ and use what are notions of “risk” and “risk based financial regulation”.
Keywords
Citation
Gray, J. (2006), "Court castigates BCCI liquidators' claim against Bank of England", Journal of Financial Regulation and Compliance, Vol. 14 No. 4, pp. 411-417. https://doi.org/10.1108/13581980610711180
Publisher
:Emerald Group Publishing Limited
Copyright © 2006, Emerald Group Publishing Limited