The inaugural meeting was in October of 2007. Their third meeting was held on February 4th, 2008. One of the speakers was John P. Coffey, the Co-Managing Partner of Bernstein Litowitz Berger & Grossmann LLP, a fifty lawyer firm with its principal offices in New York and San Diego.
considering, namely, whether there ought to be a cap on auditor liability. I respectfully submit
that the case for such a cap has not been made…
assessment of available insurance. Here, too, the essential facts remained obscured. Audit firms have not been sufficiently forthcoming on matters such as the amount of coverage from classic insurance underwriters or their efforts to self-insure. As for the latter, audit firms appear reluctant to explain why more of the cash they chose to distribute to partners year-in and year-out cannot be set aside in reserve for the litigation charge they seem so assured is coming.