Professional Negligence

Representing the successful claimants both at first instance and in the Court of Appeal in AssetCo PLC v Grant Thornton UK LLP [2019] EWHC 150 (Comm); [2020] EWCA Civ 151. This decision is one of the leading cases on the recovery of losses caused by an auditor's failure to detect fraud.

Representing the liquidators of Patisserie Holdings PLC and its subsidiaries in their claim for c £200 million against Grant Thornton UK LLP, arising out of the negligent audits of the 2014, 2015, 2016, and 2017 Financial Statements, in respect of which Grant Thornton were issued a severe reprimand and fined £4 million by the FRC.

Representing the UK subsidiaries of the Bonnier AB, a substantial privately owned Swedish media group, in its auditors' negligence action for c £80 million against Hays Macintyre LLP arising out of the audit of its UK subsidiaries.

Acting for Watchstone PLC in its auditors' negligence action against KPMG arising out of the negligent audit of its 2013 Financial Statements, in respect of which KPMG were fined £4.5 million and reprimanded.

Acting for the liquidators of China Forestry Holdings Co Limited in its auditors' negligence action against KPMG HK, which was settled confidentially on the eve of trial in June 2021 and for which KPMG was reprimanded and fined by the HKICPA.

Acting for the liquidators of the Kingate Funds, the second largest of the Madoff feeder funds, against PwC Bermuda over their conduct of 17 audits across nine years. The action was commercially resolved for close to the limit of insurance after the defendant failed to strike out the action, which had to be pleaded to the wilful misconduct standard under Bermuda law.

Acting for the liquidators of 3D-Gold Jewellery Holdings Limited which collapsed with claims of HK$2.5bn following the death of its Chairman and discovery that over 800kg of gold bullion was missing. An audit negligence action against PwC HK was commercially resolved successfully through early mediation.

Acting for the liquidators of Akai Holdings Limited in their auditors' negligence claim against Ernst & Young HK which was commercially resolved on record terms during trial.

Retained by claimants in multiple ongoing actions before the Hong Kong courts and arbitral tribunals arising from the collapses of China Medical Technologies Inc, Sino-Forest Corporation, Platinum Partners Value Arbitrage Fund and Hua Han Health Industry Holdings Limited.