These materials are for a Special Meeting of Shareholders of emerging markets series (the “Fund”), a series of Templeton Institutional Funds (the “Trust”), scheduled for October 30, 2017, at 10:00 a.m.
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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.
NAMB appoints Valerie Saunders as the organization’s new executive director | Massachusetts Newswire Judge Determines that PricewaterhouseCoopers was Negligent in colonial bank auditing case – constantine cannon accounting Firm Must Face FDIC Suit Over Colonial Bank. – A federal judge said PricewaterhouseCoopers must face the Federal.
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PwC violated auditing rules and didn’t take steps that could have detected a $2 billion fraud scheme that contributed to the 2009 failure of Alabama’s Colonial Bank, the judge ruled. So it is the auditors job to find fraud after all I’m also curious what steps the judge feels weren’t done that "could have" detected fraud.
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Jan Lippman, a spokeswoman for Crowe, said the audit firm was hired to help Colonial with internal services but did not serve as the bank’s internal auditor. She said the claims are without merit.
These materials are for a Special Meeting of Shareholders of Templeton Frontier Markets Fund (the “Fund”), a series of Templeton Global Investment Trust (the “Trust”), scheduled for October 30, 2017,
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.
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PWC was the independent auditor for Colonial BancGroup, the parent company of Alabama’s Colonial Bank, which collapsed in 2009 after the discovery of a $2 billion fraud.
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An Alabama federal judge Friday rejected an effort by PwC and another auditor to hold the federal depository insurance Corp. to account for a group of Colonial Bank employees whose long-running.