PwC To Pay $12M To Settle Class Action

Law360, New York (July 2, 2008, 12:00 AM EDT) -- PricewaterhouseCoopers LLP has agreed to pay $12 million to bring an end to allegations that it failed to identify a series of accounting improprieties at financial holding company R&G Financial Corp.

In a settlement disclosed on July 2, counsel for the lead plaintiffs in the consolidated class action said that PwC would pay $12 million to resolve the shareholder claims filed against the auditor as part of a suit that also named R&G and several of its executives as defendants.

The settlement must still be approved...
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