Business Services Industry
Case against Bank of England Could Change Face of Financial Regulation.
Knight Ridder/Tribune Business News, December, 2003
By Robert Lea, Evening Standard, London Knight Ridder/Tribune Business News
Dec. 9--Three former Bank of England Governors, led by Sir Edward George, are to take the witness stand in an explosive High Court trial in the New Year which could revolutionise future regulation of the City.
George, 65, who retired as Governor last year, and his predecessors Robin Leigh-Pemberton (now Lord Kingsdown), 76, and Gordon, now Lord, Richardson, 88, are to be called in a UKpound 1 billion case to judge whether the BoE was guilty of "reckless negligence" in its regulation of fraud-ridden BCCI.
The case against the BoE, which closed BCCI in 1991, could overturn centuries of law in which such public institutions cannot be sued for negligence.
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