WorldSpreads sues EY over negligent auditing

 

Failed spreadbetting business WorldSpreads has filed a lawsuit against former auditors Ernst & Young, which could cost the Big Four firm millions if successful.

WorldSpreads Ltd (WSL) has accused EY of negligent auditing because it says it couldn’t continue to trade after a shortfall of £22m grew over a number of years in client account balances.

The company fell foul of the FSA in 2012 after accounting irregularities were discovered that left £13m missing from client accounts, after...

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