BCCI employees settle claim with liquidators

After long negotiations, claims of former BCCI (Bank of Credit and Commerce International) employees with the liquidators totalling some $45 million have been settled. The settlement was reached on Wednesday about 10 days ahead of the 12th anniversary of the liquidation of the bank.

This worldwide settlement between the former employees and creditors of the bank brings to a successful end the struggle by over 600 employees seeking compensation from the loss of their jobs, the lead solicitors of the former employees, Beale & Co announced.

"The end result for the employees is that substantial loans valued by the liquidators at approximately $45 million have been written off as far as the employees are concerned and substantial payments are to be made to a large number of them in addition," the solicitors said in a statement made available to Gulf News.

The Legal Services Commission will also be paid a substantial sum, probably the largest ever recovered by them, in respect of the employees' cost.

"The settlement is a great outcome for the employees and showed the way in which group actions for employment claims could be used to successful effect," said Antony Smith, Lead Solicitor.