On December 28, 2017, U.S. District Judge Barbara Jacobs Rothstein handed down a decision from her bench trial in the case of the failure of Colonial Bank from fraud, a complex combination of allegations brought against PricewaterhouseCoopers LLP and fellow accounting firm Crowe Horwath LLP by the bank’s holding company and the FDIC, as the receiver for the failed alabama bank.
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He also rejected PwC’s argument that the negligence claim against it must be dismissed because Colonial’s own negligence played a role in its fate, saying that is a question of fact for a jury.
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.
Shoddy PwC Audits Led To Bank Failure, Judge Rules. PwC had served as the auditor for Colonial BancGroup Inc. and its primary subsidiary, Colonial Bank, and U.S. District Judge Barbara Jacobs Rothstein ruled on Dec. 28 that the accounting giant was negligent in its review of Colonial’s financial statements.
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.
PwC found negligent over Colonial Bank failure. She also cited testimony from a PwC partner in an earlier, related case that "our audit procedures were not designed to detect fraud". Rothstein did dismiss other charges against the firm brought by the FDIC and Colonial’s bankruptcy trustee.
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.
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.
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PWC faces negligence claim over $2bn fraud at Colonial Bank. PWC was the independent auditor for Colonial BancGroup, which was the receiver of Colonial Bank, and granted by a US judge last.
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