PWC LIABLE FOR USD2 BILLION COLONIAL BANK FRAUD
January 1st, 2018 A US court has ruled that big four accounting firm PricewaterhouseCoopers (PwC) is liable for malpractice after its audits failed to detect an USD2 billion fraud that led to the August 2009 collapse of Alabama-based Colonial Bank. In a case brought by the Federal Deposit Insurance Corporation (FDIC), which was left footing the USD2.8 billion bill after Colonial’s collapse, US District Judge Barbara Jacobs Rothstein ruled December 28 that PwC failed to meet professional accounting standards in its audits. PwC gave parent company, Colonial BancGroup, a clean ...
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