PracticeAccounting FirmsAuditors demand £160m for WorldCom/MCI work

Auditors demand £160m for WorldCom/MCI work

KPMG and Deloitte are seeking more than $300m (£163m) in fees from the US bankruptcy court for their work in bringing WorldCom (now called MCI) out of bankruptcy.

Link: WorldCom special report

KPMG is asking the court for $172.8m in fees and expenses for auditing WorldCom’s financial reports for 2002 and 2003, while Deloitte is seeking $141.6m, the Financial Times reported.

In total, lawyers, auditors, consultants and other advisers, who helped guide MCI out of bankruptcy, have filed claims for $600m in fees and expenses.

WorldCom filed for bankruptcy protection in July 2002 following an enormous accounting scandal, which saw it register as the biggest corporate failure in US history.

It emerged from bankruptcy in April this year under the new brand, MCI.

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