In reply to Martin W:
So what happens if a water company is liable for a very big payout in the case of a successful claim? Who is going to end up paying?
Will it be the billpayers, milked to preserve profitability and dividend payouts? Will shareholders (remember that in the case of United Utilities a substantial part is owned by rapacious asset management companies like Blackrock) ever have to take a haircut?
It seems to me that a company whose operating model now leaves it open to constant claims against it should not be worth very much.