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....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!