March 28, 2018 / 9:42 PM / 10 months ago

FDIC can seek punitive damages from Valley Bank auditor - ruling

The Federal Deposit Insurance Corp can seek a jury trial and punitive damages against accounting firm Crowe Horwath for its alleged malpractice in auditing the now-defunct Valley Bank, a federal judge in Chicago ruled on Tuesday.

Crowe had argued that the contract governing its audits of Valley Bank barred the Moline, Illinois-based bank from seeking punitive damages or a trial by jury in any dispute over its work, and the FDIC, the bank’s receiver, is bound by the agreement.

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