January 02, 2018
PricewaterhouseCoopers LLP faces hundreds of millions of dollars in damages after a federal judge recently ruled its negligent audits of an Alabama bank contributed to one of the biggest bank failures of the financial crisis.
October 13, 2017
PricewaterhouseCoopers LLP fundamentally bungled its auditing responsibilities when it failed to scrutinize mortgage transactions and missed a fraud scheme that led to the downfall of the bank PwC was supposed to monitor, the Federal Deposit Insurance Corp. said in D.C. federal court Friday.
July 15, 2014
An Alabama federal judge refused Tuesday to dismiss Federal Deposit Insurance Corp. claims against PricewaterhouseCoopers LLC and another company over alleged failures in their auditing of Colonial Bank, saying the agency didn't need to show it could have anticipated the form that an $899 million mortgage fraud would take.
September 10, 2013
An Alabama federal judge on Tuesday refused to dismiss an Federal Deposit Insurance Corp. lawsuit against PricewaterhouseCoopers LLP over its auditing of Colonial Bank, which collapsed after the bank became ensnared in the massive Taylor Bean & Whitaker Mortgage Corp. mortgage fraud scheme.
April 08, 2013
The Federal Deposit Insurance Corp. on Monday pushed back against PricewaterhouseCoopers LLP's bid to toss the FDIC's suit over Colonial Bank's $1 billion loss in the Taylor Bean & Whitaker Mortgage Corp. mortgage fraud scheme, saying the auditor's interpretation of the U.S. Supreme Court's O'Melveny & Myers decision is faulty.
January 08, 2013
Crowe Horwath LLP urged an Alabama federal court Monday to toss the Federal Deposit Insurance Corp.'s suit over Colonial Bank's $1 billion loss in the Taylor Bean & Whitaker Mortgage Corp. mortgage fraud scheme, saying it alleges no recoverable damages.
November 02, 2012
The Federal Deposit Insurance Corp. on Wednesday sued Colonial Bank's former auditors PricewaterhouseCoopers LLP and Crowe Horwath LLP for the $1 billion that the now-defunct bank lost in the Taylor Bean & Whitaker Mortgage Corp. mortgage fraud scheme.