BoE faces £1bn BCCI lawsuit

The Bank of England is to face legal action over its supervision of collapsed Bank of Credit and Commerce International (BCCI) following a ruling by Britain's House of Lords on Thursday. The judgment paves the way for Deloitte & Touche (D & T), liquidators of BCCI, to bring a civil case against the British central bank, claiming damages of more than 550 million pounds (nearer to £1bn with interest).

Both the Bank of England, and the Financial Services Authority which took over the job of supe