News Tag: legal action
March 12, 2010
Accountancy firm Ernst & Young (E&Y) has been criticised in a 2,200-page report over the collapse of Lehman Brothers, and could face legal action as a result.
The report has accused E&Y of negligence, while senior management at the bank were said to be involved in “lazy accounting gimmicks” to conceal the fact that the bank was insolvent.
However, E&Y said ...
Report reveals “accounting gimmicks” used at Lehman
by Kay Murchie
February 19, 2010
The Unite union has been unsuccessful in its High Court action against British Airways (BA) to stop the airline from imposing cost-cutting measures.
The union claimed it was not properly consulted on the measures, which include a pay freeze and a switch to part-time working for 3,000 staff.
BA cabin crew had been set to take industrial ...
Unite fails in High Court bid over BA proposed cuts
by Kay Murchie
December 22, 2009
Consumer watchdog, the Office of Fair Trading (OFT), has announced it is to abandon plans to take further legal action against banks regarding unauthorised overdraft charges.
At the end of last month, the Supreme Court ruled in favour of the banks over the fairness of the charges.
The test case originally commenced in July 2007 after it was discovered ...
OFT scraps plans to take further court action against banks
by Kay Murchie
January 25, 2009
A group of 222 homeowners trapped in shared appreciation mortgages (SAMS) have begun a new stage in their fight for compensation by sending out a letter before legal action to Barclays and HBOS (now part of Lloyds Banking Group).
SAMS are a form of equity release sold by Barclays and HBOS during the late 1990s, when around 15,000 people ...
SAMS mortgage holders up stakes in compensation battle
by Gill Montia
December 10, 2008
Northern Rock mortgage borrowers will not all receive the full benefit of last week's cut in the base rate.
The nationalised lender's tracker rate customers will see the full 1% reduction but for those on its standard variable rate (SVR) the reduction will be 0.5% taking the rate down to 5.34%, from 1st January.
Mortgage borrowers, who have remained loyal ...
Northern Rock hedges on latest base rate cut
by Gill Montia
May 13, 2008
Ron Sandler, who was appointed by the Government to revive Northern Rock, said solid progress has been made against the business plan.
The Bank of England loan facilities are reducing and the balance sheet is contracting as a result of planned mortgage redemptions, added Mr Sandler.
Mr Sandler's strategy is to reduce the mortgage book. He has set up a panel within the ...
Loan facilities reducing say Northern Rock
by Kay Murchie
April 25, 2008
The Government took Northern Rock into public ownership on February 22 and shareholders were believed not to be in favour of the nationalisation and have since been threatening legal action.
The UK Shareholder's Association (UKSA) (acting on behalf of the Northern Rock’s shareholders) believes that the UK Government confiscated the shares even though there was a good private sector solution ...
Shareholders of Northern Rock proceed with legal action
by Kay Murchie
