Manchester Building Society Statement regarding High Court judgment (9148M)
02 Mai 2018 - 2:44PM
UK Regulatory
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RNS Number : 9148M
Manchester Building Society
02 May 2018
This announcement contains inside information
Statement regarding High Court judgment
The High Court 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").
The High Court has awarded damages of GBP315,345 (plus interest)
to the Society, considerably below the amount claimed.
The Society is disappointed with the decision and is considering
seeking leave to appeal.
The costs hearing has been scheduled for 18 May 2018. The
Society anticipates that it will have some liability in respect of
Grant Thornton's costs.
Until the costs hearing is held and a determination made, it is
not possible to assess the impact on the Society's financial
position, and in particular its capital position. The Society will
assess the position at that time and will continue to interact with
its regulators to determine the next steps.
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
Christopher Gee, Society Secretary.
Enquiries
Andy Donald - Maitland
020 7379 5151
adonald@maitland.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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