Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon In Tuesday’s opinion, Judge watkins rejected crowe’s argument that it had no professional duty to Colonial because it was not the bank’s internal auditor but merely a provider of services, calling.
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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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Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon The judge found that PwC was negligent in connection with the audit of Colonial bank. This opens up PwC to 100’s of millions of dollars in damages.
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A federal judge has found PricewaterhouseCoopers negligent in failing to detect fraud that led to one of the biggest bank failures in the financial crisis, the 2009 collapse of Alabama’s Colonial.
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