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Judge: FDIC can proceed with claims against Colonial Bank auditors
July 18, 2017 / 2:24 AM / 4 months ago

Judge: FDIC can proceed with claims against Colonial Bank auditors

A federal judge has expanded the years that PricewaterhouseCoopers could be on the hook for failing to detect a fraud that led to the 2009 collapse of an Alabama bank, but did bar the Federal Deposit Insurance Corporation from seeking prejudgment interest on any damages it recovers against PwC or another accounting firm in its $1 billion lawsuit.

Senior U.S. District Judge Barbara Rothstein rejected PwC’s argument that the FDIC’s recently added negligence claims based on audits of Montgomery, Alabama-based Colonial Bank from 2002 to 2006 were untimely. To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2u3uLJ1

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