Grant Thornton Hit With £20M Negligence Ruling Over Audit

Law360, London (January 31, 2019, 3:52 PM GMT) -- Grant Thornton UK LLP was negligent when it failed to detect serious misconduct and false statements submitted by the senior managers of a fire engine provider it was auditing in 2009, a judge in London ruled Thursday.

AssetCo PLC, which provides fire engines and rescue services to London Fire Brigade, has been awarded more than £20 million ($26.2 million) in damages following its successful claim for negligence against Grant Thornton, which acted as the company’s auditor in 2009 and 2010.

Judge Simon Bryan at the High Court found in favor of AssetCo’s argument that the misconduct would have come to light...

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