Exclusive: Barings deal imminent
Barings liquidators and former group auditors Coopers & Lybrand are this morning finalising a new settlement deal just days after the High Court trial began, Accountancy Age has learned.
Barings liquidators and former group auditors Coopers & Lybrand are this morning finalising a new settlement deal just days after the High Court trial began, Accountancy Age has learned.
Deloitte & Touche whose potential exposure is significantly less than that of Coopers, now part of PricewaterhouseCoopers, is not thought to be involved in the settlement discussions.
The deal if successful could halt the Pounds 1bn negligence case brought by liquidators KPMG against former auditors Coopers and Deloittes.
This will be the second attempt this year by PwC to strike an out-of-court deal with the liquidators. Legal fees in the case, which began in the High Court in London on 3 October, have already exceeded Pounds 100m.
A settlement in principle was reached in June but later floundered amid rumours of pressure from creditors. The main group of creditors, known as the US vulture funds, among which are Credit Suisse First Boston, bought up Barings bonds when the merchant bank collapsed in 1995.
Since the failed deal the creditors succeeded also for the second time in forcing Ernst & Young, Barings’ liquidators for five years, to step down.
More details to follow
Links
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article