BARINGS PLC v COOPERS & LYBRAND

[2003] Lloyd's Rep IR 566

CHANCERY DIVISION

Before Mr Justice Evans-Lombe

Auditors - Banking - Collapse of banking group due to fraud of trader - Liability of auditors - Whether audits were negligently conducted - Whether chain of causation broken by negligence of company itself - Measure of damages - Contributory negligence - Relief from liability - Companies Act 1985, section 727 - Counterclaim against company - Whether company liable for fraudulent misrepresentation which auditors had in breach of duty failed to pick up.