BCCI closure but not without cost

George Walker, Centre for Commercial Law Studies, London gwalker@ccls.edu

The case against the Bank of England by the former depositors of BCCI was formerly abandoned on 2 November 2005. The action had been brought by Deloitte Touche Tohmatsu against the Bank on behalf of the Three Rivers District Council, Hertfordshire and sixty other former BCCI depositors. The action was for £550m plus £500m of accrued interest. The Chancellor of the High Court had decided in November 2005 that it would no longer be in the interest of creditors for the action to proceed.