Thursday, February 22, 2007

Wolverhampton Takes On The Shark Tank

Not exactly Wolverhampton
I hope you're not a council tax payer in the West Midlands.

C4 News has just reported the case of Wolverhampton City Council vs Dell Computer (see here for summary). The basic story is that the Council is upset about losses its pension fund made on Dell stock, and is now co-lead in a US class action against Dell for alleged insider trading.

Oh. My. God.

Does anyone really think the councillors and officials of Wolverhampton City Council are going to prevail against the sharp suited sharks of Dell's legal team?

What are they doing?

Yes, yes, we know they've been talked into it by "corporate governance" activists (Wolverhampton's acting CEO is a director of PIRC), and they've shackled up to a supposedly no-win-no-fee LA Law style team of eagles.

But trust me, there will be costs.

And you council tax payers will be paying 'em.


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