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Auditor's fine on Barings cut

12 April 2012

ACCOUNTANTS Coopers & Lybrand's £1m fine for audit failures in the Nick Leeson fiasco at Barings has been reduced on appeal to £250,000.

The firm, now part of PricewaterhouseCoopers, faced fines and costs totalling £1.5m after a severe reprimand in 2000 from the profession's Joint Disciplinary Tribunal for its auditing of Barings prior to its 1995 collapse resulting from Leeson's £827m trading losses.

The fine on Coopers' lead Barings partner Gareth Davies has been cut from £65,000 to £25,000, though his 'severe reprimand' remains.

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