Banker Banks $95k in Libel Judgment Against U.K. Paper

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Associated Newspapers Ltd., U.K. publisher of the Mail on Sunday, apologized in London's High Court last week for allegedly accusing a prominent financial figure of perjuring himself and participating in a purported conspiracy to defraud banks, Bloomberg News reported.

Irfan Qadir, a well-known figure in the U.K. banking community, reportedly pocketed 60,000 pounds ($95,000) from Associated Newspapers in a settlement. The High Court last October said the Mail on Sunday unfairly published a story accusing Qadir, a former Bank of Scotland director, of playing a key role in an alleged conspiracy to defraud banks out of 49 million pounds without including a judge's comments in the article noting the allegation was unsupported by evidence, according to Bloomberg News.