Manchester Building Society has lost its £48m negligence claim against the accountancy firm Grant Thornton. The claim arose because Grant Thornton had audited the society’s accounts from 1997 until 2012. In 2006, the society began a policy of hedging lifetime mortgages by entering into 50-year interest rate swaps. The 2008 financial crisis led to a
The government is introducing a new Housing Complaints Resolution Service to cover the entire housing market. It means that dissatisfied homeowners and tenants will have simple and quick access to help when things go wrong. Communities Secretary James Brokenshire said the new service will cover everything from broken boilers to cracks in the wall and
A group of homeowners whose flats are overlooked by the Tate Gallery have lost their claim that their privacy was being infringed by tourists who were able to see into their balconies. The flats are in a development close to the Tate Modern art gallery in central London. Their living areas look directly on to
A financial broker has succeeded in preventing a commercial lender from approaching its clients. The case involved Medenta Finance Ltd, which specialised in financial products in the medical and dental market. It had acted exclusively for Hitachi Capital UK Ltd. Under a 2011 agreement, Hitachi provided finance for the sale of products through suppliers introduced
The High Court has settled a family dispute over who should inherit a house that had belonged to a man who died 17 years ago. The court heard that the man, a grandfather, had purchased the property in 1994 when he separated from his partner and wished to provide for her. He was then 73
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A tenant has been awarded a refund of more than £18,000 after a wall collapsed at the property he was renting. The court heard that the tenant had signed a two-year lease on a house with no break clause. He paid all the £34,000 rent in advance. After moving in, the tenant contacted the letting
Settling contract disputes through court action doesn’t necessarily mean having to go through a full trial. Often, it’s possible to get a ‘summary judgment’ in which a decision is given in favour of one of the parties if it’s felt the other side has no reasonable chance of success. A recent case before the High
London Underground has succeeded in legal action to prevent a contract dispute with three major suppliers delaying the delivery of new trains. The issue arose when the company conducted a procurement exercise for the manufacture and supply of 94 new trains and equipment for the Piccadilly Line, with options for the supply of additional trains
The High Court has ruled that investors who had been persuaded to place money in a joint venture as a result of deceit should be compensated as if the failed project had not happened. The investment had been undertaken by Kea Investments Ltd, which placed £129m in a joint venture vehicle. The court ruled that