Wed, 2nd May 2018 13:44
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