Via Finfacts:

Deloitte's failed BCCI case against Bank of England cost £100 million; Multinational bank was "the largest case of organized crime in history"

By Finfacts Team
November 3, 2005

The most expensive battle in English legal history ended on Wednesday when a £850m lawsuit brought by liquidators of Bank of Credit and Commerce International (known by many as the Bank of Crooks and Crime International) against the Bank of England was withdrawn leaving a £100m legal bill in its wake.

Lawyers for Deloitte, BCCI's liquidator, said the action was being ended after one of the High Court's most senior judges ruled that it was “no longer in the best interests of the creditors for the litigation to continue”.

BCCI collapsed in 1991 owing £10bn. The misfeasance claim, which was brought against the Bank of England in 1993, had accused senior officials of acting in bad faith and with deliberate disregard for depositors' interests over the supervision of BCCI.

Wednesday's ruling, was made in private by the judge who heads the Chancery Division and is understood to have followed a decision two months ago by BCCI's English creditors' committee that the costly litigation was no longer in the interest of all creditors...

Click here for the full article which offers more information on the now abandoned suit as well as a full review of the BCCI scandal.

-- MDT