PwC faces largest ever auditor malpractice damages verdict

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PwC faces largest ever auditor malpractice damages verdict Published: Apr 6, 2018 9:36 a.m. ET Even PwC’s offer of $306 million would be the largest-ever accounting malpractice final verdict amount The Federal Deposit Insurance Corp. could collect the largest damage award ever against a global public accounting firm when a federal judge decides what to award the agency after a verdict…

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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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FDIC Nears Accord In $219M Suit Against Ex-Advanta Execs

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By Stewart Bishop Additional reporting by Linda Chiem. Editing by Richard McVay. All Content © 2003-2016, Portfolio Media, Inc. Law360, New York (August 11, 2014, 5:34 PM ET) — The Federal Deposit Insurance Corp. and two former top executives of failed Advanta Bank Corp. are nearing a deal to resolve the independent agency’s $219 million lawsuit accusing the pair of…

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FDIC Hits Colonial Bank Auditors With $1B Negligence Suit

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By Carolina Bolado Additional reporting by Jeff Overley. Editing by Elizabeth Bowen. All Content © 2003-2016, Portfolio Media, Inc. Law360, New York (November 2, 2012, 10:19 PM ET) — The Federal Deposit Insurance Corp. on Wednesday sued Colonial Bank’s former auditors PricewaterhouseCoopers LLP and Crowe Horwath LLP for the $1 billion that the now-defunct bank lost in the Taylor Bean…

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