The Danish Supreme Court delivered judgment in the appeal case concerning a claim for damages against the former auditors of Memory Card Technology A/S. The Supreme Court ruled in favour of the auditors and thereby set aside the High Court judgment delivered by the Western High Court in 2013. LETT conducted and won the appeal case before the Supreme Court on behalf of the two accounting firms.
The Memory Card case is one of the largest cases about auditors' and directors' liability in Denmark.
Memory Card Technology A/S suspended its payments in 2001. Subsequently, the trustees of the bankrupt estate claimed damages from the two auditors of the company, PwC and EY.
By this judgment, which is considered of general public importance, years of legal aftermath relating to liability for the losses suffered by creditors due to the bankruptcy have been put to an end.