The liq­uida­tor of Cli­co In­vest­ment Bank (CIB) has lost a law­suit seek­ing to hold three for­mer ex­ec­u­tives and board mem­bers ac­count­able for the fi­nan­cial in­sti­tu­tion’s col­lapse al­most two decades ago.

De­liv­er­ing a judg­ment yes­ter­day morn­ing, High Court Judge Car­ol Gob­in dis­missed the case brought by the De­posit In­sur­ance Cor­po­ra­tion (DIC) against for­mer CIB chair­man An­dre Mon­teil, its for­mer pres­i­dent Lennox Archer and CEO Richard Trot­man.

Jus­tice Gob­in found that the liq­uida­tors sought to hold the trio li­able, while ig­nor­ing the role of the Cen­tral Bank in fail­ing to pre­vent the col­lapse through its role as reg­u­la­tor.