Bank of England given BCCI payout

The liquidator of Bank of Credit and Commerce International made an initial £73m payment to the Bank of England on Monday 30 January for legal costs incurred in its successful defence against the abandoned "misfeasance" claim in the High Court.

The payment was described as an "interim payment", pending settlement of the Bank's full legal bill.

The Bank estimates its full bill for the 12-year litigation at more than £80m, including about £8m interest.

Nicholas Stadlen, QC for the Bank of England,

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