Deloitte Loses Appeal Of MG Rover Conflict Ruling

Law360, New York (July 29, 2013, 1:52 PM EDT) -- A U.K. regulator has affirmed a finding that Deloitte LLP failed to properly manage conflicts of interest in advising carmaker MG Rover Group Ltd., which went bankrupt in 2005, and four one-time MG Rover directors in certain transactions, it said Monday.

A Financial Reporting Council tribunal confirmed an earlier ruling faulting the conduct of Deloitte and Maghsoud Einollahi, a former partner in the company's corporate finance department, as corporate finance advisers to various companies involved with MG Rover, its parent Phoenix Ventures Holdings Ltd. and the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.