The logo of PricewaterhouseCoopers is seen on the local offices building of the company in Luxembourg, April 26, 2016. REUTERS/Vincent Kessler (Reuters) – PricewaterhouseCoopers has settled a lawsuit accusing the auditing firm of failing to detect the fraud that brought down Taylor, Bean & Whitaker Mortgage Corp in 2009, a lawyer for the mortgage lender’s bankruptcy trustee said on Friday. The …
The complainant is Taylor, Bean & Whitaker (TBW), which was a top-10 wholesale mortgage lending firm. The trustees of the company are accusing PwC of negligence in their audits of TBW’s lender, Colonial Bank. In an agreement between the top management of the borrower and the bank, starting from 2002, TBW chairman Lee Farkas sent mortgage data to Colonial Bank for fake loans or those the company …
A US JUDGE has given the go-ahead for a $1bn lawsuit against PwC over claims the firm provided bad accounting advice which contributed to the 2011 collapse of MF Global. MF Global and its parent company, MF Global Holdings Ltd, collapsed in October 2011 after investors left the firm on learning about risky bets on sovereign debt taken by former chairman and New Jersey Senator Jon Corzine. In a …
Attorneys for the Los Angeles Department of Water and Power filed court papers Thursday alleging the contractor that handled the troubled rollout of the utility’s billing system three years ago intentionally over-billed the city and spent the money, in part, on prostitutes and two lavish bachelor parties in Las Vegas. An attorney for Pricewaterhouse Coopers, however, flatly denied the …
A lawsuit accusing PricewaterhouseCoopers LLP of violating U.S. discrimination law by hiring a “stunningly low” number of people over the age of 40 to maintain a youthful culture has been filed in San Francisco. The lawsuit, filed on Wednesday in federal court, said the London-based accounting company does virtually all of its recruiting for entry-level jobs on college campuses to stock its …