Approval hoped for Barings deal
A last-ditch settlement between the liquidators of the collapsed Barings Bank and its group auditor is hoped to be approved this week, before the £1bn trial can move forward.
A hearing today and Wednesday in front of the vice-chancellor is hoped to finally put the settlement reached between liquidators KPMG and former group auditor Coopers & Lybrand, now part of PricewaterhouseCoopers, to bed.
Until both the deal between PwC and KPMG and the creditors scheme of arrangement has been approved, no decision can be made on how to proceed with a slimmed down case against co-auditor Deloitte & Touche Singapore.
KPMG is suing Deloittes Singapore and Coopers for negligence in their work as auditors of the Barings group and its Singapore subsidiary where rogue trader Nick Leeson ran up over Pounds 800m worth of illegal transactions, which led to the British bank’s collapse.
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Barings audit settlement faces hurdles
