The claimants will sensationally shun the BCCI costs hearing today (30 January) after deciding there is nothing left to argue about.
Sources have told The Lawyer that Deloitte, the liquidators of BCCI, are not attending the hearing, despite the Bank of England sending lead counsel Nicholas Stadlen QC, of Fountain Court Chambers, and solicitors Freshfields Bruckhaus Deringer, to argue its case for costs.
The bank has made an application for costs on an indemnity basis of £73m plus interest, bringing the total bill to around £80m.
The costs hearing is set down for four days this week in Court 76 of the Royal Courts of Justice, which was the location in September for the settlement of the Equitable Life case against Ernst & Young, but the lack of argument should cut the hearing short.
Deloitte’s £850m misfeasance claim against the Bank of England dramatically collapsed in November 2005 after 256 days in court. Previous settlement attempts initiated by the liquidators had failed.