Update: Manchester Building Society v Grant Thornton UK LLP

May 10, 2018

The decision of Teare J in Manchester Building Society v Grant Thornton UK LLP [2018] EWHC 963 (Comm), handed down on 2nd May 2018, applied SAAMCO/BPE principles to an accountants’ negligence claim.

The judge found that the accountants were negligent and that they caused reasonably foreseeable loss to the building society. However, they were not liable in damages[1], as they did not assume responsibility to the building society for the losses which it sustained when closing out the interest rate swaps in 2013.

Read the full case note by Dan Stacey.