Slaughter & May Slams TSB In IT Meltdown Report
Law360, London (November 19, 2019, 5:30 PM GMT) -- Board members at British bank TSB lacked “common sense” in the run-up to an IT meltdown last year that left millions of customers locked out of their accounts, an investigation by law firm Slaughter & May concluded Tuesday.
The independent review commissioned by TSB PLC last year blamed the bank and its Spanish owner Banco Sabadell SA for setting an “ambitious and unrealistic” timetable for moving customers to a new IT platform in April 2018 and said it had failed to ask its contractor key questions about the changeover.
The crash left 1.9 million customers without access to cash, prompting regulators...
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