Mr McCormack moves on to "the first tweet."
Says this would have been read by her followers, many of whom would share her interests.
(Rather weird to be tweeting from a court about a tweet, but there you go)
"People expect her, as a journalist, to choose her words carefully."
The tweet, McCormack says, makes an accusation that Bank "lied," about his relationship with the Russian government "without any context."
We now move on to a speech given by Ms Cadwallader, which references Nigel Farage, Vladimir Putin, Trump and the referendum.
McCormack says there is an implication that an investigation into Mr Banks was "blocked" by Theresa May.
McCormack says there is an implication that an investigation into Mr Banks was "blocked" by Theresa May.
McCormack notes that the National Crime agency investigated Vote Leave and found "no evidence of criminality."
In the speech in question, Ms Cadwallader said "we know the Russian government offered money," to Arron Banks, Mr McCormack says.
Counsel for Mr Banks:
"If someone holds themselves out as an investigative journalist they must be accurate with language. "
"If someone holds themselves out as an investigative journalist they must be accurate with language. "
