The judge, who sits in Washington but was assigned to hear this case from the Middle District of Alabama, also applied Alabama law to find that Colonial surrendered its right to collect from PwC.
Real Estate 101 – Typical Closing Costs buyers closing costs. If a seller gets an offer for $400,000 and agrees to pay $10,000 towards the buyers closing costs it is essentially the same thing to them if they were to get an offer for $390,000 without agreeing to pay a portion of the buyers closing costs.
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.
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These materials are for a Special Meeting of Shareholders of Templeton Frontier Markets Fund (the “Fund”), a series of Templeton Global Investment Trust (the “Trust”), scheduled for October 30, 2017,
PwC was the outside auditor for Colonial’s bank holding company, and gave Colonial clean audits that blessed its financial statements for years. The FDIC and the Colonial trustee had alleged PwC was negligent in not detecting the fraud scheme, and they sued the firm in 2012 and 2011, respectively.
Jan Lippman, a spokeswoman for Crowe, said the audit firm was hired to help Colonial with internal services but did not serve as the bank’s internal auditor. She said the claims are without merit.
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Late last week, a federal judge determined that accounting giant PricewaterhouseCoopers (PwC) was negligent in its auditing of Colonial Bank, the Alabama institution that failed in 2009 in the midst of the financial crisis.
He also rejected PwC’s argument that the negligence claim against it must be dismissed because Colonial’s own negligence played a role in its fate, saying that is a question of fact for a jury.
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