PwC auditors were negligent as they failed to detect over $2bn fraud at Alabama’s Colonial Bank which led to its collapse in 2009, according to a US federal judge. The federal deposit insurance Corporation (FDIC) incurred a cost of $2.8bn after Colonial’s collapse and brought a professional negligence claim against PwC.
PwC argues that the court should dismiss the breach of contract claim against it because Colonial Bank was not an intended beneficiary of the audit agreement 3 The court expresses some doubt that, at least in an audit context, claims against accountants based on other theories of negligence are distinguishable from claims for negligent.
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The Colonial BancGroup, Inc. et al v. PricewaterhouseCoopers LLP et al, No. 2:2011cv00746 – Document 72 (M.D. Ala. 2014) case opinion from the Middle District of Alabama U.S. Federal District Court
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PwC found negligent over Colonial Bank failure. She also cited testimony from a PwC partner in an earlier, related case that "our audit procedures were not designed to detect fraud". Rothstein did dismiss other charges against the firm brought by the FDIC and Colonial’s bankruptcy trustee.
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Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon Nguyen Contents Failed alabama bank Alabama-based colonial bank accounting giant pricewaterhousecoopers (pwc) Game time: 12:00 On December 28, 2017, U.S. District.
internal audit group) had repeatedly criticized the Bank's practices for years, recovery in this case, Lead Counsel determined that Prof. duty, fraud, and negligence. in 2011, Ms. Purcell was a contract attorney at Constantine & Cannon, Plaintiffs' claims against Colonial's auditor, PwC, and the.
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