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BANK WINS APPEAL CASE AGAINST FOUR LOCAL AUTHORITIES

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Four local authorities have lost a case against a bank in the house of lords over the recovery of money from intere...
Four local authorities have lost a case against a bank in the house of lords over the recovery of money from interest rate swap agreements, reports The Times (Law report, p38).

Kleinwort Benson Ltd lodged an appeal after a judge ruled that payments totalling£423,094 made to Birmingham City Council, Lincoln City Council, Southwark LBC and Kensington and Chelsea LBC were not recoverable.

The house of lords overturned the ruling, deciding the rule precluding recovery of money paid under a mistake of law should no longer be maintained.
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