Barings case against Deloitte begins
The final stages of the ongoing negligence claim against Barings' former co-auditor, Deloitte & Touche, have kicked off in the High Court.
Barring a last-ditch settlement deal, the £200m negligence claim brought by Barings’ liquidators KPMG on behalf of creditors against Deloittes is expected to last well into 2003.
Deloitte’s Singapore practice audited Barings Futures Singapore in 1992 and 1993 two years before the merchant bank collapsed.
Last month, an appeal tribunal for the profession’s senior watchdog, the Joint Disciplinary Scheme, upheld its findings against Coopers & Lybrand for the firm’s role as auditor in the collapse of Barings.
Barings bank collapsed in 1995 amid unauthorised transactions in excess of £800m by rogue trader Nick Leeson.