Member Article

Manchester Building Society files £49m negligence claim

Manchester Building Society Group has served Grant Thornton with a £49m claim for breach of contract and negligence.

The claim is in relation to its audit services and advice provided between 2006 and 2013, the claim covers advice relating to the application of hedge accounting by the building society.

Grant Thornton resigned as the building society’s external auditors in 2013.

If no satisfactory agreement can be reached the matter will go to a court hearing.

Grant Thornton issued the following statement to Bdaily: “As a large professional services firm, there are inevitably occasions where we become involved in legal claims.

“Naturally, our obligations of confidentiality mean that we cannot comment on the detail of any litigation in which the firm is involved.”

Manchester Building Society have said that they cannot comment any further than the release on the London stock exchange.

This was posted in Bdaily's Members' News section by Sophia Taha .