PWC faces negligence claim over $2bn fraud at Colonial Bank. Auditors at PWC were negligent and missed a "red flag" over a huge fraud that contributed to the collapse of a bank during the financial crisis, an American court has found. PWC was the independent auditor for Colonial BancGroup, the parent company of Alabama’s Colonial Bank,
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Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon 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.
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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.
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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.
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Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon 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.
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By the C|C Whistleblower Lawyer Team Late last week, a federal judge determined that accounting giant PricewaterhouseCoopers (PwC) was negligent in its auditing of Colonial Bank, the Alabama institution that failed in 2009 in the midst of the financial crisis. Colonial failed as a result of a $2 billion fraud orchestrated by florida-based mortgage lender taylor Bean & Whitaker, a major Colonial customer, which was.