We discovered that Jimmy had bought his own house before settlement of the property he and his former wife had owned. We found nothing to suggest he had relied on the extra $50,000 or that he had suffered any financial loss. The fact his former wife had been forced to take legal action against him confirmed our view that he had not taken reasonable steps to minimise the consequences of the bank error. We could find no evidence he had tried to repay his ex-wife, such as by applying for extra lending to cover his liability to her. The bank offered him $5,000 which appeared to more than cover his legal costs, and we suggested he take it.
Jimmy accepted the offer.Print this page