PracticeConsultingBarings case reaches settlement

Barings case reaches settlement

Barings liquidator Ernst & Young has reached a settlement in principle with former auditor Coopers and Lybrand, now part of PricewaterhouseCoopers, over its role in the collapse of the merchant bank.

The case is now expected to come back to court in a fortnight’s time for what has been described as a case management conference. No details are yet known of the nature of the agreement between E&Y and Coopers, but any final settlement will have to be approved by a judge.

No settlement, however, has been reached with Deloitte & Touche, which also undertook audit work for the bank. This case against the firm, unless settled before, is due to come back to court in October.

The £1bn court action was brought by E&Y on behalf of Baring’s creditors. The start of the case was delayed twice while the parties tried to hammer out a settlement.

Keep watching AccountancyAge.com for more on this story.

Links

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

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