Grant Thornton Fights Lender's Swap Loss Claim At Top Court

Law360, London (October 15, 2020, 4:39 PM BST) -- Grant Thornton did not have a duty to protect a building society from losses incurred by exiting interest rate swaps tied to its mortgage portfolio in 2013 and therefore should not be held liable, the auditor told Britain's top court on Thursday.

Simon Salzedo QC, counsel for Grant Thornton, said the Court of Appeal was right to find that the audit company had not guided Manchester Building Society's entire decision-making process. That means Grant Thornton is not responsible for the consequences of the interest rate swap transactions at the heart of the damages suit brought by the lender, he said....

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