PracticeConsultingCoopers set for JDS challenge

Coopers set for JDS challenge

Coopers & Lybrand is to face an appeal tribunal next week against the findings of the accountancy profession's senior watchdog over its role in the collapse of Barings.

The firm, now part of PricewaterhouseCoopers, and two partners will face a Joint Disciplinary Scheme appeals tribunal over their role as auditors of the merchant bank.

Barings collapsed amid unauthorised transactions to the value of Pounds 800bn by rogue trader Nick Leeson.

The case details were not revealed from the tribunal last year, but Coopers appealed its findings.

If unsuccessful in its appeal, PwC could face a fine and the partners could be expelled from the profession.

The appeal will be the beginning of a tumultuous time for the world’s largest firm which is also set to defend itself against a Pounds 1bn negligence claim brought by Barings liquidators Ernst & Young.

A settlement deal between the former auditors and E&Y collapsed in July but further attempts have not been ruled out. Due to start in October, experts say the case could be the most expensive case in legal history.

  • Deloitte & Touche and PwC this week plan to demand Barings liquidator E&Y pays the firms’ legal costs should they successfully defend the Pounds 1bn negligence case due to begin next month, the Sunday Times reported yesterday.

An application to this effect will be made during a meeting at the High Court on Friday, the paper reported, which would see E&Y paying out millions of pounds if it loses.

Links

Date set for Coopers JDS challenge

Coopers’ Barings settlement collapses

Pounds 1bn Barings court battle may be averted

Barings claim shrinks to Pounds 200m

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