Slaughters advises on Barings damages claim

A trial date has been set for the Barings case in which the former bank is seeking damages of u1bn from its auditors.

The case will take place in early 2001 at London's High Court, five years after the bank collapsed with losses of u860m run up by rogue trader Nick Leeson.

Michael Brindle QC of Fountain Court chambers is counsel for claimants Barings Futures Singapore (BFS) and liquidators Arthur Andersen.

He says: “There was a lot of boxing about whether it could be done earlier, but the date is now February 2001.”

Barings Plc and BFS are seeking negligence damages of u1bn from its auditors Coopers & Lybrand, and Deloitte & Touche. The accountants claim Barings directors were also negligent.

Lawyers from Slaughter and May, Clifford Chance, Wilde Sapte, Herbert Smith, Barlow Lyde & Gilbert, Ashurst Morris Crisp, and various barristers' chambers are preparing their cases in what is actually two trials that Mr Justice Evans-Lombe will hear and decide in tandem.

Barings Plc, the parent company of BFS, and liquidator Ernst & Young are suing Coopers & Lybrand in London and Singapore, and Deloitte & Touche in Singapore.

Slaughter and May partner Richard Grandison is instructing Stanley Burnton QC of One Essex Court for the claimants in this case.

Julian Randall, partner at Barlow Lyde & Gilbert, is advising Coopers in London. Richard Jacobs of Essex Court Chambers is the accountants' counsel.

In the second trial, Ashursts' head of litigation Edward Sparrow is advising BFS and Arthur Andersen on a negligence action against auditors Coopers and Deloitte & Touche in Singapore.

Head of litigation at Clifford Chance Chris Perrin, Wilde Sapte partner Philip Rocher and Jonathan Gaisman QC of 7 King's Bench Walk represent Deloitte & Touche. Herbert Smith partner Sonia Leydecker and Richard Field QC of 11 King's Bench Walk are advising Coopers in Singapore.

The BFS trial was to be held in Singapore but to cut court costs it was moved to London to be heard at the same time as the London trial.