State Street, the U.S' second oldest financial institution, has been fined £22.9m for overcharging six clients a total of $20m "deliberately" between June 2010 and September 2011. They have also released a statement saying it had refunded the clients affected.
The publishing of this information which clearly reduces their integrity as a business and would be considered liable for libel, were it not for the absolute privilege afforded to legal venues such as courts and parliament.
Absolute privilege:
Absolute privilege is the strongest defense against defamation claims. It can be applied when defending against something said in judicial hearings, parliament and client-solicitor communications; regardless of whether the comments were said in malice, was false or was said plainly to reduce the reputation of the defamed.
Whilst on the subject of privilege, it would seem appropriate to name the other form of privilege, which isn't always as clean cut as Absolute. Qualified Privilege.
Qualified Privilege:
Defends a publication against defamation claims, providing that the statement has been written without malice, can be said to have provided balance, is accurate and was published in the public interest.
So, if an animal rights activist was found by a journalist to have exotic animal taxidermy collection, it would come under the protection of Qualified Privilege to publish a statement outing said activist as it is in the public interest that someone publicly denouncing animal abuse should be found to be a hypocrite. So long as the statement was true.
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