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Manchester Bld Soc (MBSR)

Manchester Bld Soc

Statement regarding High Court judgment
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 £315,345 (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.


Andy Donald - Maitland

020 7379 5151


This information is provided by RNS
The company news service from the London Stock Exchange
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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