Barings case delayed for second time
A billion pound court case brought by liquidators at Ernst & Young against the former auditors of collapsed Barings Bank has been delayed for the second time.
The case, due to start today, has been postponed until Thursday to see if a settlement can be reached between E&Y, acting on behalf of Barings’ creditors, and the bank’s former auditors, Coopers & Lybrand and Deloitte & Touche.
E&Y alleges that its Big Five rivals were negligent in failing to unearth the activities of Barings trader Nick Leeson, whose trading brought the bank down.
It is thought that the second delay indicates that the parties are close to agreeing a settlement.
When the case was delayed for the first time last week, Deloittes said it was ready to contest the case.