Manchester Building Society Statement regarding Court of Appeal judgment (5525O)
30 Gennaio 2019 - 11:51AM
UK Regulatory
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RNS Number : 5525O
Manchester Building Society
30 January 2019
This announcement contains inside information
Statement regarding Court of Appeal judgment
30.01.2019. The Court of Appeal has today handed down its
decision in the case of Manchester Building Society v Grant
Thornton UK LLP.
The case related to audit services provided by Grant Thornton UK
LLP ("Grant Thornton"), former auditors of Manchester Building
Society ("the Society").
On 2 May 2018, the High Court awarded damages of GBP335,727
including interest to the Society, considerably below the amount
claimed. Costs were awarded to Grant Thornton.
The Society appealed this decision and the appeal was heard on
15 and 16 January 2019.
The Court of Appeal has today dismissed the Society's appeal and
upheld the first instance judgment. The Society is disappointed
with this decision.
The Society is considering its position as to whether to request
leave to appeal this decision.
In relation to costs, the Society has paid GBP1,973,215 to Grant
Thornton to date. That amount was net of the damages awarded to the
Society by the High Court and the interim costs Grant Thornton were
ordered to pay to the Society. The Society expects that it will
have some further liability to pay costs to Grant Thornton
following a detailed cost appraisal, the timing of which is not yet
known.
There continues to be material uncertainty regarding the long
term future of the Society. The Society will continue to discuss
and consult with its regulators on the next steps and on the
capital position of the Society.
The Society continues to have a strong liquidity position.
The person responsible for arranging the release of this
announcement on behalf of Manchester Building Society is Mark
Winterbottom, Society Secretary.
Enquiries
Andy Donald - Maitland
020 7379 5151
adonald@maitland.co.uk
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END
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