Just because the banksters acted as though the good times would never end doesn't mean everyone has to buy into their arrogance. Pay up and shut up.
In a case which will affect scores of claims brought by slump-hit millionaires, the appeal judges refused to cut an £11m divorce settlement agreed by financier Brian Myerson with his former wife, Ingrid. The judges described the financial crisis as a "natural price fluctuation" rather than a truly unforeseeable economic event that would justify a change in the terms of the divorce settlement.
"When a businessman takes a speculative position in compromising his wife's claims, why should the court subsequently relieve him of the consequences of his speculation by rewriting the bargain at his behest?" said Lord Justice Thorpe, one of the judges hearing Mr Myerson's appeal.
But the 50-year-old tycoon, who claims he is £500,000 worse off because the value of his assets had fallen, said he would now go back to court to try to use the original terms of the settlement to cancel further payments to his ex-wife.
