MIAMI (AP) — Accounting giant PricewaterhouseCoopers is squaring off in a Miami courtroom with lawyers for a defunct mortgage company over a $5.5 billion lawsuit involving audits at a failed Alabama bank.
The lawsuit contends PricewaterhouseCoopers should have detected massive fraud at Colonial Bank of Montgomery, Alabama, that was orchestrated by top executives at shuttered mortgage firm Taylor, Bean and Whitaker based in Ocala.
Several of the mortgage firm’s executives were convicted of crimes in the fraud scheme. Colonial was shut down in 2009.
The lawsuit contends PricewaterhouseCoopers is liable for losses because its audits missed evidence of fraud at Colonial. The Big Four firm contends it did its job and that criminal fraud is designed to avoid detection.
- Posted August 10, 2016
- Tweet This | Share on Facebook
Lawsuit filed against accounting firm seeks $5 billion plus
headlines Macomb
- Macomb County Meals on Wheels in urgent need of volunteers ahead of holiday season
- MDHHS hosting three, free virtual baby showers in November and December for new or expecting families
- MDHHS secures nearly 100 new juvenile justice placements through partnerships with local communities and providers
- MDHHS seeking proposals for student internship stipend program to enhance behavioral health workforce
- ABA webinar November 30 to explore the state of civil legal aid in America
headlines National
- Nikole Nelson champions a national model to bring legal services to those without access
- Social media and your legal career
- OJ Simpson estate accepts $58M claim by father of Ron Goldman, killed along with Nicole Brown Simpson
- Law prof who called for military action and end to Israel sues over teaching suspension
- The advantages of using an AI agent in contract review
- Courthouse rock, political talk lead to potential suspension for Elvis-loving judge
