Promontory, PwC Subpoenaed In NY Consulting Firm Probe

Law360, New York (September 13, 2013, 2:27 PM EDT) -- New York's top banking regulator has issued subpoenas to Promontory Financial Group LLC and PricewaterhouseCoopers LLP as part of a broader probe into potential conflicts of interest at consulting firms that serve banks, according to reports Thursday.

The New York Department of Financial Services sent the two firms, two of the largest financial consultants in the growing market, subpoenas in the last few months as part of an investigation into whether the links between consultants and banks was appropriate and hurt, rather than help, the cause of bringing bank practices in line with the law.

Benjamin M. Lawsky, New York's superintendent...

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