July 23, 2018

Settlements

Colonial Bank Collapse Will Cost PwC $625 Million, Reports Say

[Updated with statement from Bartlit Beck Herman Palenchar & Scott] Reports are hitting the interwebs this afternoon that a federal judge has ordered PwC to pay the Federal Deposit Insurance Corp. $625 million in damages for failing to uncover a long-running fraud scheme between its client Colonial Bank and the now-defunct mortgage lender Taylor, Bean & […]

pwc colonial award

PwC Faces Damages That Range From ‘Bad’ to ‘Worse’ But Probably Far Short of ‘Catastrophic’ for Colonial Bank Failure

Francine McKenna reports on MarketWatch that the Federal Deposit Insurance Corp. stands to collect a pret-tay pret-tay pret-tay big chunk of change from PwC for the losses from the bankruptcy of Colonial Bank. The FDIC, acting as receiver for the failed Colonial Bank Group that collapsed in 2009, has asked Judge Barbara Rothstein to award […]

grant thornton uk ftse

Grant Thornton Gets Dinged for Giving Partners with Audit Quality Issues More Work

The Public Company Accounting Oversight Board has announced a big settlement with Grant Thornton over quality control violations and audit failures. The firm was censured and agreed to pay a $1.5 million civil penalty. The quality control violations related to the assignment of two Philadelphia-based partners to audits in 2013 when they had been cited […]

LinkedIn Has to Pay for Sending All Those Annoying Emails

LinkedIn's Add Connections service sent a bunch of unwanted emails without people's consent and now they have to pay $13 million to settle a lawsuit. I'm glad someone finally convinced them that "Spam" isn't a valuable endorsement. [Mashable via Gizmodo]

Bonus Watch: Campbell v. PricewaterhouseCoopers Plaintiffs

A tipster wrote us earlier today: FYI, the wage settlement checks arrived. […] All of these years of waiting has led to me being paid pennies on the dollar… Yet again PwC finds a way to stick it to me. And we've seen the check! We agreed to not publish it to protect our tipster's […]

EY Glad That Whole Lehman Brothers Thing Is Over

EY settled its litigation with the New York Attorney General today, paying $10 million to make Eric Schneiderman go away. The suit was originally brought by now-New York Governor Andrew Cuomo over four years ago. EY claims that this was the "last significant lawsuit" remaining and said, "After many years of costly litigation, we are pleased […]

(UPDATE) There’s a Settlement in the Works for the Big Overtime Suit Against PwC in California

The last update on Campbell v PricewaterhouseCoopers we had for you was back in May of last year, when the trial date was predictably changed (again), pushing the festivities off until March of this year. Well, we're happy to tell you we have a little news. It seems both sides were able to "work things […]

Ernst & Young, Living in Denial, Settles with Lehman Investors for $99 Million

This is rich. Michael Rapoport reports: Ernst & Young LLP has agreed to pay $99 million to settle investor class-action allegations that it turned a blind eye when its audit client Lehman Brothers Holdings Inc. misled investors before the investment bank's 2008 collapse. The investors and Ernst "have reached an agreement in principle" to settle the […]

Deloitte Satisfied with Size of Check It’ll Cut to Settle Taylor Bean & Whitaker Lawsuit

The Green Dot blinks: Breaking: Attorney Steven Thomas says lawsuit by Taylor Bean & Whitaker bk trustee vs Deloitte settled "mutual satisfaction of parties". — Francine McKenna (@retheauditors) October 3, 2013 I've confirmed Francine's account with Mr. Thomas. Deloitte has not responded to our email requesting for comment. I spoke to Steven Thomas a few […]

New York Puts Deloitte in Time-out Over Standard Chartered

Remember last summer when Deloitte got itself wrapped up in a big international money laundering scandal? It was pretty exciting international intrigue-y stuff! The New York Department of Financial Services fined Standard Chartered bank $340 million last August for helping Iran move money around and now Cuomo & Co. have gotten around to holding Deloitte responsible […]