PwC Hit With €1B Suit In Insurance Co. Liquidation

Law360, New York (July 29, 2013, 7:13 PM EDT) -- The administrators handling the liquidation of Quinn Insurance, which melted down in the recent financial crisis, on Monday reportedly hit PricewaterhouseCoopers LLP with a €1 billion ($1.3 billion) lawsuit alleging it negligently audited the insurer.

Quinn Insurance was placed into administration by the Irish financial regulator in April 2010, according to the Financial Times, when the regulator said the company breached national solvency rules. The Financial Times said the company later went belly up and defaulted on €1.65 billion in claims owed in relation to a...
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