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Insurance Liquidators Sue Auditors Over £20M Bonds Loss

Law360, London (June 7, 2019, 6:39 PM BST) -- Liquidators for Northern and Western Insurance Co. have sued the defunct insurer's auditors for up to £19.8 million ($25.2 million), accusing the accountants of negligently signing off on company accounts made up of billions of dollars of bond transactions that allegedly proved largely worthless.

According to the suit, accounting firm BSG Valentine breached its duty to Northern and Western Insurance Co. Ltd. and provided dishonest assistance to the firm’s CEO Devon Harrison, who allegedly falsely claimed the insurer had gold reserve bonds worth substantial sums that in fact had little value.

Particulars of the February suit filed in London's High Court,...

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