Nationwide is suing Eversheds, one of the country’s largest law firms, for more than £20m, claiming that it was given negligent advice on an allegedly fraudulent property deal. The Times
The High Court claim is linked to Erinaceous, the quoted property services firm, whose surveying division became the target of a police investigation into a possible mortgage fraud ring.
Nationwide claims Eversheds failed to tell the building society that it was offering a £14m loan secured on a Welsh building worth less than £1m. As Nationwide’s legal representative on the deal, Eversheds was obliged to investigate the title of the property, confirm the buyer’s identity and verify the source of any upfront payment.