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PwC to pay $335 million over failed audits of Alabama's Colonial Bank: U.S. regulator

https://www.oann.com/pwc-to-pay-335-million-over-failed-audits-of-alabamas-colonial-bank-u-s-regulator/
See More From: oann.com

Mar 15, 2019 2:06 PM 1+ week ago

PwC did not confirm or deny the claims, but agreed to pay the settlement fine, the Federal Deposit Insurance Corporation (FDIC) said in a statement.

The settlement is significantly lower than the $625.3 million a federal judge ordered the firm to pay the regulator in July.

Martin Gruenberg, an FDIC board member and its former chairman, dissented from the settlement because it did not require PwC to admit liability.

At the time, PwC had argued that the FDIC could recover $306.7 million at most, and that no damages were justified because numerous Colonial employees had interfered with its audits.

U.S. District Judge Barbara Rothstein ruled in July that PwC failed to identify a long-running fraud between the bank and its largest customer, the mortgage lender Taylor, Bean & Whitaker. Both failed in 2009, and the FDIC alleged the bank helped Taylor conceal overdrawn accounts.

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