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.
- 1 Reader dilemma: 'Our son is 34 with an IQ of 85, and spends all his time in his room. What will happen to him when we're no longer here?'
- 2 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 3 Russian officials ban yoga because it's too much like a religious cult
- 4 German ethics council calls for incest between siblings to be legalised by Government
- 5 Ginger Pride festival to take place next summer, organisers say 'time of bullying gingers is over'
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
German ethics council calls for incest between siblings to be legalised by Government
People are American flagging their Facebook profile pictures in response to those rainbow flagging them
Ginger Pride festival to take place next summer, organisers say 'time of bullying gingers is over'
Historic meeting between Pope Francis and Russian Orthodox head 'getting closer'
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Pentagon accuses Russia of 'playing with fire' over nuclear threats towards Nato
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
Tunisia beach attack: How can British Muslims respond to the latest outrages?
iJobs Money & Business
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...
£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...
Negotiable: Recruitment Genius: This extremely successful and well-established...
Competitive with monthly bonus: Guru Careers: We are seeking an experienced FX...