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Credit Crunch Proceedings

Re-kindling our legal articles for those working in tax William Christopher McGrigors considers how legal action might be taken against parties involved in the debt-trading that apparently led to the 'credit crunch'
In all the current commentary concerning the credit crunch and the selling of American mortgage-backed securities or so-called 'toxic debt' the potential liability for fraudulent misrepresentation both in the criminal and civil law has largely been ignored or the analysis has been skirted over. This may be because it has been assumed that there is little or no possibility of anyone being fixed with such liability. This article will examine this proposition and the difficulties with any such proceedings and the circumstances in which it might be possible to bring proceedings successfully.

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