Press Release Media contact: David Barr (202) 898-6992 dbarr@fdic.gov FDIC Settles With PricewaterhouseCoopers LLP on Audits of a Failed Bank The Federal Deposit Insurance Corporation as Receiver for Colonial Bank (FDIC) has announced a $335 million settlement with PricewaterhouseCoopers LLP (PwC) related to professional negligence claims brought by the FDIC against PwC arising out of the audits of the…
A federal judge has given the Federal Deposit Insurance Corp. a big win against PricewaterhouseCoopers, a decision that could cost the auditor more than $1 billion in damages and finally put auditors on the hook for detecting fraud. It’s a new responsibility that these firms have traditionally argued is not the point of an audit. On Dec. 28, U.S. District…
8th Circ. Affirms Breached Billing Contract By Jacob Fischler Editing by Emily Kokoll. All Content © 2003-2017, Portfolio Media, Inc. Law360, Washington (July 17, 2015, 7:57 PM EDT) — The Eighth Circuit ruled Friday that an Iowa federal judge was correct to find that two cellphone service providers owed $260,000 in damages to a former billing contractor, saying the sides’…
By Emily Field Editing by Bruce Goldman. All Content © 2003-2017, Portfolio Media, Inc Law360, Los Angeles (March 18, 2016, 11:29 PM EDT) — A Georgia federal judge on Friday ruled that Federal Insurance Co. and Westchester Fire Insurance Co. must cover the Federal Deposit Insurance Corp.’s $71 million lawsuit accusing former executives of now-insolvent Silverton Bank NA of breaching…
MHB Attorneys Recognized for Their Work – We are pleased to announce that five attorneys from Mullin Hoard & Brown have been selected to the 2016 Texas Super Lawyers. This is an exclusive list, recognizing no more than five percent of the lawyers in the state. Super Lawyers, part of Thomson Reuters, is a rating service of outstanding lawyers from…
9/13/16 REUTERS LEGAL 10:00:01 REUTERS LEGAL Copyright (c) 2016 Thomson Reuters This article is reprinted from Reuters Legal News on Westlaw with permission of Thomson Reuters. September 13, 2016 Dena Aubin (Reuters) – Accounting firm Crowe Horwath must face claims by the Federal Deposit Insurance Corp that it negligently failed to detect a fraud that led to at least $1 billion…
By Jeff Sistrunk Editing by Marjorie Backman. All Content © 2003-2016, Portfolio Media, Inc. Law360, Los Angeles (June 17, 2016, 12:18 PM ET) — The Texas Supreme Court on Friday axed a $72 million judgment against a drilling company’s insurers won by the family of a rig worker killed on the job, holding that the wrongful death claim isn’t covered…
By Matt Sharp Additional reporting by Jonathan Randles and Stewart Bishop. Editing by Christine Chun. All Content © 2003-2016, Portfolio Media, Inc. Law360, New York (July 2, 2015, 3:23 PM ET) — A New York appeals court on Thursday rejected Proskauer Rose LLP’s bid to dodge a malpractice suit alleging that faulty legal advice triggered a more than $255 million…