Standard Chartered Wants Price Waterhouse Verdict Upheld

By James R. Kraus, American Banker  Published:  October 26, 1993

NEW YORK – Hoping to avoid a lengthy retrial, Britain’s Standard Chartered will next month request that the appellate court of Arizona uphold a jury verdict awarding it $338 million in compensation and $3.9 million in damages from Price Waterhouse, sources at the bank have disclosed.

Leo R. Beus, an attorney representing Standard Chartered with the Phoenix-based firm of Beus, Gilbert & Morrill, said the British bank will file a brief aimed at upholding the verdict for compensation and damages stemming from negligent auditing Standard Chartered has accused Price Waterhouse of performing at United Bank Corp. of Arizona.

Price Waterhouse, in turn, said it is planning to file a brief with the court requesting that the case be thrown out, according to a spokesman for the auditing firm in New York. …

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