See full version: Top Court Puts Grant Thornton On Hook For Swap Break Fee
Law360, London (June 18, 2021, 10:21 AM BST) -- The U.K. Supreme Court ruled on Friday that Grant Thornton owes its client Manchester Building Society for its losses from exiting interest rate swaps tied to a mortgage portfolio, concluding that the break costs are within an auditor's duty of care.
The building society had claimed at the highest court that Grant Thornton's negligent advice and information had led to a crippling loss. (iStock) The country's highest court overturned a 2019 decision by the Court of Appeal, which found that the £32.6 million ($45.3 million) that Manchester Building Society had to pay in break costs fell outside the scope of Grant. more
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“I fully agree with the idea of examining our commercial load in our broadcasts and is something that we should be doing,” Manfred said. “There are contractual limitations on when we can do this; we have existing commitments. But, that certainly should be an issue we look at, as well.”more
Therein lies the rub: contractual limitations prevent MLB from unilaterally shortening commercial breaks. The various television networks, both local and national broadcasts, pay lots of money to broadcast baseball games, and they have to be given the opportunity to sell commercial time to turn a profit. here
To further complicate things, the television contracts all expire at different times. Some expire in two years, others expire in 20 years.
In a recent interview with Maury Brown of Forbes, commissioner Rob Manfred indicated he is not opposed to shortening commercial breaks to improve the pace of the game. Here’s what Manfred told Brown: here