PWC TO PAY OUT RECORD DAMAGES FOR COLONIAL FRAUD NEGLIGENCE
July 1st, 2018
A US judge has ordered accountants PricewaterhouseCoopers (PwC) to pay a record USD625,309,085 million in damages to the Federal Deposit Insurance Corporation (FDIC) for failing to pick up a “massive” mortgage fraud during audits at Colonial Bank. The fraud, which started in 2002, led to the Montgomery, Alabama bank’s collapse in August 2009 and one of the largest global bank failures of the financial crisis. The payout to the US regulator is the largest amount ever awarded for damages but is just a fraction of the USD2.8 billion the FDIC lost as ...
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