FDIC Settles With PricewaterhouseCoopers LLP on Audits of a Failed Bank

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  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…

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FDIC win against PwC could finally force auditors to look for fraud

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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…

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8th Circ. Affirms Cell Providers Breached Billing Co. Contract

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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’…

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FDIC Wins Coverage Of $71M Suit Against Silverton Execs

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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…

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Crowe Horwath loses bid to end FDIC lawsuit over Colonial Bank

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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…

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