PwC To Pay $23M To Settle Lancer Fraud Claims

Law360, New York (July 20, 2009, 1:07 PM EDT) -- PricewaterhouseCoopers International Ltd. has won court approval to pay out roughly $23 million to settle allegations that the auditor facilitated a billion-dollar fraud perpetrated by hedge fund Lancer Management Group.

On Friday, Judge Kenneth A. Marra of the U.S. District Court for the Southern District of Florida approved a settlement resolving three suits accusing PricewaterhouseCoopers of helping Lancer defraud investors by auditing and certifying the hedge fund’s allegedly factitious financial statements.

Resolving claims by plaintiffs in two sprawling investor suits, as well as a third by...
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