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
Barings auditor to escape payout
Barings case delayed for second time
Barings trial delayed for further talks
Resources & Whitepapers
Accounting Software The power of customisation in accounting systems
PwC attempts 11th-hour Barings deal
E&Y successfully defends Barings role
Barings court battle may be averted
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.
Insolvency – Coopers in Barings fight