PracticeConsultingDeloittes to proceed with Barings case

Deloittes to proceed with Barings case

Former Barings' auditor Deloitte & Touche has said it will proceed with its defence against the £1bn lawsuit brought by liquidators Ernst & Young.

The news comes as Charles Aldous QC, counsel for E&Y, announced a settlement in principle with Coopers & Lybrand, Barings’ former group auditor.

Rick Murray, legal adviser to Deloittes Singapore, said: ‘Following today’s announcement of a potential settlement by Coopers & Lybrand in the Barings case, Deloitte & Touche will proceed with its defence in the case, which will demonstrate the suitability of our audit services and supervening breaches of duty by Barings itself and by Coopers & Lybrand.’

Deloittes Singapore has maintained its readiness to fight the lawsuit since a mediation attempt by the City Disputes Panel failed in 1998.

‘Whilst we continue not to be a party to the settlement negotiations and are not aware of the details of the proposed settlement, for the 12 Singapore partners who are defendents, however, these continuing delays are both expensive and frustrating,’ added Murray.

Mr Justice Evans-Lombe, presiding judge, said the case against Deloittes Singapore would now reach court in October.

Read AccountancyAge.com’s views on the news here

Links

Coopers settles over Barings

Barings auditor to escape payout

Barings case delayed for second time

Barings trial delayed for further talks

PwC attempts 11th-hour Barings deal

E&Y successfully defends Barings role

Barings court battle may be averted

Barings chief gets expelled

Ex-Barings man gets four-year ban

Ex-Barings chief faces tribunal

Former Barings director faces tribunal

PwC lodges appeal against watchdog findings on Barings

JDS tribunal for former Barings’ deputy chairman

Deloittes wins more time for Barings trial

PwC awaits Barings tribunal verdict

Barings trial delay move by Deloittes

Extraordinary items – Baring necessities.

No stopping Leeson

Barings auditors ‘negligent’

Insolvency – Coopers in Barings fight

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