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.
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