Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon

PwC gave the bank’s parent, Colonial BancGroup, a clean audit opinion for six years until it collapsed in 2009, when it emerged that huge chunks of its loans to TBW were secured against assets.

Commissioner, social security administrationJudge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – constantine cannon pwc faces negligence claim over $2bn fraud at Colonial Bank. – PWC faces negligence claim over $2bn fraud at Colonial Bank.

The judge found that PwC was negligent in connection with the audit of Colonial bank. This opens up PwC to 100’s of millions of dollars in damages. The court alleges that pwc violated auditing rules and didn’t take steps that could have detected a $2 billion fraud scheme that contributed to the 2009 failure of Alabama’s Colonial Bank, the judge ruled.

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I have a new column over at Forbes about the two law suits – one private, one by the FDIC – against PwC for professional malpractice and breach of contract for the colonial bank failure. The FDIC case is also interesting because the regulator is suing Crowe Horwath, Colonial Bank’s internal audit co-source vendor.

PwC was the outside auditor for Colonial’s bank holding company, and gave Colonial clean audits that blessed its financial statements for years. The FDIC and the Colonial trustee had alleged PwC was negligent in not detecting the fraud scheme, and they sued the firm in 2012 and 2011, respectively.

PwC argues that the court should dismiss the breach of contract claim against it because Colonial Bank was not an intended beneficiary of the audit agreement 3 The court expresses some doubt that, at least in an audit context, claims against accountants based on other theories of negligence are distinguishable from claims for negligent.

Senior U.S. District Judge Barbara Rothstein rejected PwC’s argument that the FDIC’s recently added negligence claims based on audits of Montgomery, Alabama-based Colonial Bank from 2002 to.

These materials are for a Special Meeting of Shareholders of Templeton Frontier Markets Fund (the “Fund”), a series of Templeton Global Investment Trust (the “Trust”), scheduled for October 30, 2017,

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