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BLB&G Partner Sean Coffey Addresses U.S. Treasury Department's Advisory Committee on
Auditing Profession
BLB&G Partner Sean Coffey
was invited to appear before the U.S. Department of the Treasury's
Advisory Committee on the Auditing Profession for its public session on February 4, 2008 in Los Angeles, California.
Mr. Coffey participated in a panel on "Firm Structure and Finances," which covered liability and litigation
issues facing the auditing profession. This panel was part of the U.S. Treasury Department's continued efforts to consider
and develop recommendations relating to the sustainability of the auditing profession. Former Securities and Exchange
Commission Chairman Arthur Levitt and former SEC Chief Accountant Donald Nicolaisen are the Co-Chairs of the Advisory
Committee.
In his written submission and oral presentation, Mr. Coffey argued that the case for one of the
proposals being considered by the committee - a cap on auditor liability - had
not been made, and would result in a reduction in audit quality and imperil
investor confidence in the integrity of our capital markets. To view Mr. Coffey's written submission to the Treasury Department
Committee on the Auditing Profession, click
here.
Mr. Coffey has litigated some of the most notable frauds in history, including
In re WorldCom, Inc. Securities
Litigation and Baptist Foundation of Arizona Liquidation Trust v. Arthur Andersen, LLP
("BFA"). In
WorldCom, the prosecution obtained a record-breaking
recovery for defrauded investors of over $6.15 billion. Mr. Coffey, as
lead counsel, obtained $65 million at trial from WorldCom's former
auditor Arthur Andersen LLP, the lone non-settling defendant. The BFA case against Andersen
arose from its role as BFA's former auditor in the largest non-profit bankruptcy in
U.S. history. After a one week trial, Mr. Coffey obtained a $217 million settlement from
Andersen, one of the largest amounts ever paid by
an accounting firm.
Mr. Coffey currently serves as court-appointed Lead Counsel representing investors in the
Omnicom,
HealthSouth,
Merck,
Refco,
Delphi, and
Converium litigations, and copyright holders in the
Premier League v. YouTube class
action.
For more information about this event, please visit
www.treas.gov.
For more information about Mr. Coffey or the firm,
please contact us at blbg@blbglaw.com.
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