Lender Can't Revive £32M Swaps Suit Against Grant Thornton
Law360, London (January 30, 2019, 3:21 PM GMT) -- An appeals court on Wednesday rejected Manchester Building Society's efforts to hold Grant Thornton liable for £32.7 million ($42 million) in losses suffered on hedges to the lender's mortgage portfolio, leading the troubled lender to warn that its long-term future remains in doubt.
In a 22-page judgment handed down Wednesday morning the Court of Appeal dismissed the building society's bid to revive claims that Grant Thornton's negligent advice and information about applying hedge accounting rules to its portfolio of fixed rate mortgage and interest rate swaps led to crippling losses.
The panel of three judges found that Grant Thornton did not guide the...
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