PracticeConsultingDeloittes settles out of court

Deloittes settles out of court

Deloitte & Touche, formerly Touche Ross, and Cantrade Private Bank Switerland, a subsidiary of UBS, have agreed to pay investors $38.5m (£26.30m) in an out of court settlement involving Jersey's biggest fraud.

The investors – the majority of whom were Americans – fell victim to the Channel Islands’ most reported fraud involving a crooked independent currency trader and false audits of the trader’s performance.

The accountancy firm and subsidiary of UBS agreed to settle following seven years of litigation in which the plaintiffs accused Touche Ross, represented by partner Alfred Williams, of providing misleading information on the returns of the foreign exchange trader, Robert Young.

A spokesman for Deloitte & Touche in London said the firm had paid a ‘minor proportion’ of the settlement fee.

Young and Williams were convicted of fraud and misrepresentation and imprisoned for four years and 18 months respectively in 1998.

http://www.accountancyage.co.uk/Business/67248

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer