And cash rich, solidly insured accountatcy firms are attractive targets. Desperate to recoup some of their losses, investors have been getting the lawyers in to go after the accountants:

The Times: Leading accounting firms are facing more professional negligence claims as they are targeted by investors who lost money in the credit crunch.

There were 13 negligence cases against accountants in the High Court last year, according to research by Reynolds Porter Chamberlain, the City law firm, compared with four claims in the previous five years.

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Ernst & Young’s recent criticism by Lehman bankruptcy examiner, Anton Valukas, has put the role of accountants firmly in the spotlight regarding the financial fallout. But whilst the haunting spectre of Arthur Andersen still hangs over the profession, most claims don’t make it as far as that. Comforting.