Coopers & Lybrand L.L.P. statement on the Phar-Mor trial verdict.NEW Y0RK--(BUSINESS WIRE)--Feb. 14, 1996--Coopers & Lybrand L.L.P. chairman Nicholas G. Moore Nicholas G. Moore is currently a Director at Wells Fargo & Company. Previously, he served as global chairman of PricewaterhouseCoopers from June 1998 until June 2001. He also served as CEO of the U.S. firm of PricewaterhouseCoopers through June 2000. today issued the following statement: "Coopers & Lybrand is disappointed and surprised by today's verdict. We believe the jury has erred and may have believed that an audit is intended to discover fraud. This is a dangerous message to send to those who seek to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. business losses on the backs of innocent and well-meaning professional advisors. "This, however, is not the end of this matter. Coopers & Lybrand has well-founded motions to overturn the verdict and plaintiffs must still prove their damages in a separate trial. In spite of the extravagant ex·trav·a·gant adj. 1. Given to lavish or imprudent expenditure: extravagant members of the imperial court. 2. Exceeding reasonable bounds: extravagant demands. claims the plaintiffs continue to make, we do not believe that, under the worst circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , our damages will exceed $50 million. "The real villains in the Phar-Mor affair are the company's former senior management who conceived and carried out the fraud. These individuals are either in prison or on probation after plea bargain plea bargain n. in criminal procedure, a negotiation between the defendant and his attorney on one side and the prosecutor on the other, in which the defendant agrees to plead "guilty" or "no contest" to some crimes, in return for reduction of the severity of the agreements. "Coopers and Lybrand is now twice a victim of the Phar-Mor fraud, once by the perpetrators and now by the plaintiffs in this case." CONTACT: Dave Nestor, 212/536-2965 |
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