PwC settles negligence suit
Publish date: 28 January 2005
Issue Number: 1264
Diary: Legalbrief Today
Category: General
PricewaterhouseCoopers has settled a negligent misrepresentation claim involving more than $1bn in loan losses.
PwC has paid $87.5m in the settlement, reached with an international syndicate of 90 lenders, reports the Fulton County Daily Report. The banks sued the Big Four firm in 2000, alleging the accounting giant did not fulfil its responsibility as an auditor, and as a result, the banks lost millions of dollars on bad loans. Full report in the Fulton County Daily Report
