The epic and costly court battle between the Bank of Credit and Commerce International (BCCI) and the Bank of England sensationally ended this morning when the Chancellor of the High Court held it was “no longer in the best interests” of creditors for the litigation to continue.
The liquidators, Deloitte, have served a notice of discontinuance, bringing the 12-year case to an end.
BCCI has been in court for nearly two years. It opened in January 2004 before Mr Justice Tomlinson with Essex Court Chambers head Gordon Pollock QC beginning what would be a 79-day opening statement for Deloitte. Pollock was paid a £3m brief fee for his appearance while the bank's counsel and solicitors, Freshfields Bruckhaus Deringer, is believed to have pocketed £75m in legal fees.
Deloitte's counsel and solicitors, Lovells, said it would make no comment beyond the terms of the announcement.
Deloitte and the English liquidation committee (ie creditors' committee) recently sought the guidance of the chancellor with regard to the future conduct of the action against the bank. Their application to court came before the Chancellor and was heard over three days, the result being announced this morning.