June 13, 2017 / 12:39 AM / in a year

FDIC sues Crowe Horwath over audits of failed Valley Bank

The Federal Deposit Insurance Corp has sued audit firm Crowe Horwath, accusing of it having engaged in willful malpractice by failing to disclose accounting manipulation at Illinois-based Valley Bank before its 2014 failure.

Filed on Friday in federal court in Chicago, the lawsuit seeks at least $21 million in damages for what the FDIC called “wanton deviation from basic auditing standards” in Crowe Horwath’s 2010 and 2011 audits of the bank’s parent, Moline, Illinois-based River Valley Bancorp.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2rpb23L

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