UK Fines Deloitte $22M Over MG Rover Conflicts

Law360, New York (September 9, 2013, 1:40 PM EDT) -- Deloitte LLP on Monday was hit with a £14 million ($22 million) fine for failing to properly manage conflicts of interest in advising MG Rover Group Ltd., which went bankrupt in 2005, and four onetime MG Rover directors who acquired the carmaker before its collapse.

The U.K.'s Financial Reporting Council made the announcement following an independent tribunal's July finding that Deloitte and former partner Maghsoud Einollahi had deliberately disregarded the fundamental principles of the code of ethics laid out by the Institute of Chartered Accountants in...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.