So how can he be penalised on the same way as if he had?
This point was touched on by one of the Lawyers - the revised Contracts were unfair, and had a clause which said that any lose incurred was the SPMs responsibility. Vennells didn't step in to question the terms of the Contracts - she waffled on about how clauses had been added to Contracts over the years. There was also a suggestion by the lawyer that they SPMs had been more or less forced to sign them, although that point wasn't fully clear to me.
It wasn't fully touched on either if at all, that if the PO had insisted that Fujistu fixed the bugs, that would also involve correcting any erroneous transactions cause by their system. The SPMs were also pressurised into admitting liability when they knew that they were innocent.
In all, it presents the senior management in a deplorable light, which to me is made much worse by the vastly inflated salaries that the got paid.