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…
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…