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US judge orders PwC to pay $625.3 mn to FDIC in Colonial Bank collapse case

The US judge had found PwC liable for negligence in December, after a non-jury trial, and tried the damages issue in March, also without a jury

Reuters 

 A federal judge on Monday said PricewaterhouseCoopers LLP must pay $625.3 million (£475.7 million) in damages to the Federal Deposit Insurance Corp for failing to uncover fraud that led to one of the largest bank failures of the global financial crisis. US District Judge Barbara Rothstein found it more likely than not that PwC's negligence was the proximate cause of FDIC damages from the August 2009 demise of Montgomery, Alabama's Colonial BancGroup Inc, once among the 25 largest US banks. Rothstein said PwC failed to uncover a multi-year fraud between ...

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First Published: Tue, July 03 2018. 09:17 IST
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