These materials are for a Special Meeting of Shareholders of Emerging Markets Series (the “Fund”), a series of Templeton Institutional Funds (the “Trust”), scheduled for October 30, 2017, at 10:00 a.m.
The Colonial BancGroup, Inc. et al v. PricewaterhouseCoopers LLP et al, No. 2:2011cv00746 – Document 72 (M.D. Ala. 2014) case opinion from the Middle District of Alabama U.S. Federal District Court
The judge, who sits in Washington but was assigned to hear this case from the Middle District of Alabama, also applied alabama law to find that Colonial surrendered its right to collect from PwC.
Jan Lippman, a spokeswoman for Crowe, said the audit firm was hired to help Colonial with internal services but did not serve as the bank’s internal auditor. She said the claims are without merit.
PWC Hit with 5 million judgment in colonial bank case. From 2003 to 2009 while the fraud was ongoing PWC was the bank’s outside auditor. The plaintiff presented evidence that PWC failed to review virtually any loan level documents for the largest customer at the largest single division of.
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.
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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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. So it is the auditors job to find fraud after all I’m also curious what steps the judge feels weren’t done that "could have" detected fraud.
Judge Says PricewaterhouseCoopers Was Negligent In Colonial bank failure. updated jan. 2, 2018 9:53 a.m. ET 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 potential of hundreds of millions.