In preparation for something else, I attempted to do a quick summary of the pending litigation against the Big 4.
Kevin LaCroix at D & O Diary does the famous job of making all the lists, compiling from all sources including Stanford’s Securities Class Action Clearinghouse. There are others who report and discuss litigation and sometimes mention the auditors such as Bruce Carton at Securities Docket, Paul Karlsgodt at the Class Action Law Blog and J. Robert Brown at Race To The Bottom.
41 cases seek damages in excess of $500 million
27 cases seek damages in excess of $1 billion
7 cases seek damages over $10 billion.
There are still options backdating suits involving auditors outstanding.
>Tremont Group Holdings; Oppenheimer Acquisition Corporation; Massachusetts Mutual Life Insurance Company; Ernst & Young LLP/Yvette Finkelstein, on behalf of capital investors in American Masters Broad Prime Market Fund, L.P.
>Tremont Market Neutral Fund L.P.; Tremont Group Holdings, Inc. Ernst & Young LLP/Group Defined Pension Plan & Trust
>Herald USA Fund; Herald Luxemburg Fund; Primeo Select Fund; Medici Bank; Sonja Kohn; Perter Schelhauer; Bank Austria Creditanstait; Unicredit S.A.; Pioneer Alternative Management; Ernst & Young L.P./Repex Ventures on behalf of all persons who invested in Herald USA Fund Herald Luxemburg Fund; and Primeo Select Fund and Thema International Funds
>Banco Santander S.A.; Banco Santander International; Optimal Investment Services S.A.; PricewaterhouseCoopers; HSBC Securities Services (Ireland) Ltd.; HSBC Institutional Trust Services (Ireland) Ltd.; HSBC Bank USA, N.A.; individual directors and officers/ Serol Holding Corporation on behalf of all persons or entities who owned hsares of Optimal Strategic U.S. Equity Ltd. on December 10, 2008