Desmond launches legal action

Northern & Shell chairman Richard Desmond, owner of OK! magazine and Channel 5, is understood to be suing investment bank Credit Suisse at the High Court over a £50m derivative deal he said was too risky. Papers obtained from the Court by reporters show the media baron is claiming a 2007 transaction he entered into had been too complex to understand and inappropriately risky. Both Desmond and Credit Suisse declined to comment yesterday.