Jupiter may sue Hambros over role in Co-op bid
Jupiter claims its decision to invest in Galileo was based on information provided by Hambros which Jupiter did not know had been obtained illegally with the assistance of Allan Green, the Co-op's former retailing controller who was sacked for his part in the bid.
Hambros has not yet received a writ from Jupiter regarding the claim. However, discussions have taken place between Jupiter and its solicitors on whether there are grounds for legal action. It is understood that Hambros is likely to settle the claim though a spokesman for the bank declined to comment yesterday.
The legal action is a fresh blow for Hambros which has seen its reputation severely damaged by its involvement in the Co-op affair. The Norton Rose inquiry into its role in the failed bid is due to be finalised next month. Peter Large, one of the bank's corporate finance executives, stepped down from the bank at his own request pending the findings of the inquiry.
The Co-op dropped its civil claim for damages against Mr Regan, his business partner, David Lyons, Lanica Trust and Galileo in return for a settlement of around pounds 750,000. However, a criminal action against Mr Regan and Mr Lyons for the theft of information from the Co-operative Wholesale Society will go ahead. A hearing has been scheduled for next Wednesday though it is not known if Mr Regan will appear in person. The two men have said they intend to defend the proceedings "vigorously".
Lanica Trust shares have been suspended since January but are expected to resume trading following the publication of its annual results. This was scheduled to have been this week but has been delayed. Lanica invested around pounds 600,000 in Galileo. When the bid failed Galileo was put into voluntary liquidation by Mr Regan.
Emergency call 'started off dumb, but got pretty serious'
Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'
Animal welfare charities have urged the boy band to cut the scenes
Thought you'd seen it all after the Jeremy Paxman interview?
Greatest mystery about the hit BBC1 show is how it continues to be made at all, writes Grace Dent
"History is violent," says the US Army tank commander Don "Wardaddy" Collier
Argentinian scored 'rabona' wonder goal for Tottenham in Europa League – see it here
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 Jimmy Carr's controversial Oscar Pistorius joke goes a bit too far at the Q Awards
- 4 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
- 5 Of course, teenage girls need role models – but not like beauty vlogger Zoella
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
This 'woman calls police to order pizza' story isn't going where you're expecting
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Diwali: What is the festival of lights – and how is it celebrated around the world?
Jimmy Carr's controversial Oscar Pistorius joke goes a bit too far at the Q Awards
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...
£100 - 125k: Guru Careers: A CTO / Chief Technology Officer is needed to join ...
Competitive (DOE): Guru Careers: A COO / Chief Operating Officer is needed to ...