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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.
PricewaterhouseCoopers LLP was negligent in connection with one of the biggest bank failures of the financial crisis, a federal judge has ruled, opening up the Big Four accounting firm to the.
In Tuesday’s opinion, Judge Watkins rejected Crowe’s argument that it had no professional duty to Colonial because it was not the bank’s internal auditor but merely a provider of services, calling.
A federal judge said PricewaterhouseCoopers must face the Federal Deposit Insurance Corp.’s $1 billion lawsuit that alleges the accounting firm failed to catch the massive fraud that brought down.
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