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Mr Justice Tomlinson handed down his reasons for granting the Bank of England’s application for indemnity costs following the collapse of the BCCI trial this morning.
His reasons for granting the Bank’s £80m costs include a stinging rebuke to the lawyers involved in the case.
Tomlinson J said: “Any suggestion that the Defendants incurred costs on an unreasonable scale will need to be tested against the background of litigation apparently conducted by the liquidators and their legal advisers by reference to standards which I did not recognise.”
The judge went on to deliver his verdict on the case put forward by Deloitte’s lawyers Lovells and their counsel Gordon Pollock QC of Essex Court Chambers, Lord Neill QC of Serle Court and Clare Montgomery QC of Matrix Chambers.
“Some of the more implausible of a raft of implausible allegations stick in the mind, such as the allegation of dishonesty lobbed at an American lawyer Mrs Sandy Richardson who joined the Bank in 1986,” said the judge.