The claim relates to 'the implementation and application of hedge accounting', according to the building society. It is for 'breach of contract, negligence and breach of statutory duty relating to audit services and advice provided from 2006 up to and including 2013 when Grant Thornton resigned as its external auditors'.
Settlement
The savings and lendings institution is looking to reach a settlement with the accountancy firm but says it will go to court if needs be. The sum represents nearly 10 per cent of the £512 turnover that Grant Thornton recorded in its accounts for the year to 30 June. Source: Financial Times
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